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Ceer Motors

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First electric vehicle manufactured in Saudi
Ceer National Automotive Company
Logo
Native nameسير
Company typePrivate
IndustryAutomotive
Founded2 November 2022; 2 years ago (2022-11-02)
Founder
OwnerPublic Investment Fund
Websiteceermotors.com

Ceer Motors is an electric vehicle brand in Saudi Arabia. It is the first EV brand in Saudi and includes Sedans and Sports Utility Vehicles (SUV's) for the GCC region. Ceer Motors plans to distribute in Middle Eastern markets by 2025. The brand name Ceer, translates to the Arabic word for "drive forward".

History

Ceer Motors was formed through a partnership between the Saudi Public Investment Fund (PIF) and the Taiwanese contract manufacturer Foxconn. Saudi Arabia's sovereign wealth fund is projected to partner with Apple Inc. to build a $9 billion facility that manufactures microchips, electric-vehicle components and other electronics. The joint venture is part of an effort to diversify the Kingdom's economy apart from being oil-dependent, in line with the Saudi Vision 2030.

The company will license component technology from BMW to use in the electric vehicle development process. Foxconn will develop the electrical architecture of the products.

In June 2024, a contract worth $2.2 billion was signed between Ceer and Hyundai Transis, through which the Korean company will supply Ceer vehicles with the integrated electric vehicle drive system (EDS).

Investments

Ceer Motors is projected to contribute directly with over $150 million of foreign investment to the Kingdom and offer up to 30,000 direct and indirect job opportunities. By 2034, Ceer Motors is expected to contribute $8 billion to Saudi Arabia's GDP.

See also

References

  1. "HRH Crown Prince Launches Ceer, the First Saudi Electric Vehicle Brand | the Embassy of the Kingdom of Saudi Arabia".
  2. "Saudis launch first electric vehicle company". 5 November 2022.
  3. "Oil giant Saudi Arabia announces Ceer EV brand". 4 November 2022.
  4. "Foxconn: IPhone maker bets on electric truck firm Lordstown Motors". BBC News. 8 November 2022.
  5. "Foxconn Partners with Saudi Wealth Fund to Build Electric Cars". Bloomberg.com. 3 November 2022.
  6. "Foxconn: IPhone maker bets on electric truck firm Lordstown Motors". BBC News. 8 November 2022.
  7. "Saudi Arabia presents its very own EV brand". 4 November 2022.
  8. "Apple supplier Foxconn in talks to build factory in Saudi Arabia - WSJ". Reuters. 14 March 2022.
  9. "HRH Crown Prince Launches Ceer, the First Saudi Electric Vehicle Brand | the Embassy of the Kingdom of Saudi Arabia".
  10. "Saudi Arabia to Build Electric Vehicles with Apple Supplier Foxconn".
  11. "Foxconn Partners with Saudi Wealth Fund to Build Electric Cars". Bloomberg.com. 3 November 2022.
  12. "Saudi Arabia to Build Electric Vehicles with Apple Supplier Foxconn".
  13. بلومبرغ, اقتصاد الشرق مع (2024-06-11). ""سير" السعودية للسيارات الكهربائية تعتمد نظام "هيونداي"". اقتصاد الشرق مع بلومبرغ (in Arabic). Retrieved 2024-06-11.
  14. Swilam, Alaa; Saba, Yousef (3 November 2022). "Saudi wealth fund sets up electric car joint venture with Foxconn". Reuters.
  15. "Saudi Arabia's Crown Prince launches 'Ceer', the first Saudi electric vehicle brand". 3 November 2022.
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