Saudi Arabia is spending $9 billion to create its own EV brand
Published on Nov 08, 2022 at 10:22 AM (UTC+4)
by Alessandro Renesis
Last updated on Nov 07, 2022 at 8:26 PM (UTC+4)
Edited by
Kate Bain
Saudi Arabia has joined forces with BMW and Foxconn to create the country’s first EV brand.
It’s called CEER and Saudi Arabia has so far vowed to allocate $9 billion to develop it.
But this is just the start.
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To produce the cars, Saudi Arabia has established a joint venture with Foxconn Technology Group – the company that manufacturers iPhones, among other things.
Foxconn will develop the infotainment system and the autonomous driving technology for the car.
Meanwhile, Saudi Arabia will license technology from BMW for automotive components.
Obviously, we vehicles will be electric and autonomous.
The HRH Crown Prince himself said this is more than just an automotive brand, it is a way to “ignite a new industry” and “attract investments”.
Saudi Arabia is currently in talks with Foxconn to establish a $9b multipurpose facility to manufacture components for its EV brand directly in the country.
The new car brand is part of the country’s ‘Vision 2030’ plan.
The ultimate goal is to cement Saudi Arabia’s reputation on a global scale when it comes to technology, infrastructure and innovation.
The incredible $500 billion project to create a horizontal mega-city in the desert is part of the same ambitious plan.
Saudi Arabia has already dabbled in the automotive industry.
Among other things, the country helped Giugiaro develop two concept cars and it has invested in Lucid Motors.
However, this would be a completely different ball game as the cars are going to be designed, developed and tested in the country.
So when can we expect the first electric vehicle made in Saudi Arabia to hit the market?
The first CEER concept car should be ready within the next 3-5 years.
The first production model will be unveiled shortly thereafter.
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