Saudi Arabia and Foxconn are entering the EV market

Saudi Arabia’s national wealth fund has partnered with Foxconn to produce and market EVs, the latest step toward its Vision 2030 objective of reducing oil dependence and diversifying its economy.

Saudi Arabia and Foxconn are entering the EV market

According to Thursday’s statement, Ceer, a new firm, will design, build, and sell EVs utilizing BMW component technology. Saudi Arabia said Foxconn, which makes Apple’s iPhones, is designing the vehicles’ electrical architecture, which will lead to a “portfolio of products” in infotainment, networking, and autonomous driving.

2025 will see Ceer’s first EVs.

Ceer, Saudi Arabia’s first EV brand, will attract more than $150 million in foreign direct investment and create up to 30,000 direct and indirect jobs, according to the PIF. Crown Prince Mohammed bin Salman’s Vision 2030 relies on FDI. Last year, the nation unveiled a strategy to attract $100 billion in FDI by 2030.

The PIF estimates the Ceer brand will add $8 billion to the kingdom’s GDP by 2034.

PIF has invested in renewable tech and EVs. Lucid Motors’ main stakeholder, the PIF, invested $1 billion in 2018. In spring 2022, the PIF, which owns 61% of Lucid, committed to buying 50,000 EVs with an option to buy another 50,000 over 10 years.

Foxconn is expanding into automotive, notably EVs. Foxconn manufactures Lordstown Motors and Fisker EVs. It built the Model C electric SUV with Taiwanese carmaker Yulon Group.

At Foxconn’s third annual Hon Hai Tech Day event in October, chairman Liu Young-way said he wanted to apply the company’s consumer electronics expertise to automakers’ EVs.

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