Tourbillon
Cornering Kingpin
"Saudi Arabia’s sovereign wealth fund has formed a joint venture with Foxconn to build and sell EVs, the latest move by the nation to meet its Vision 2030 goal of reducing its dependence on oil and diversifying its economy.
The new company, called Ceer, will design, manufacture and sell a portfolio of EVs using BMW’s COMPONENT TECHNOLOGY, according to Thursday’s announcement. Foxconn, the Taiwanese manufacturing giant that makes Apple’s iPhones, is developing the electrical architecture of the vehicles, which Saudi Arabia says will lead to a “portfolio of products” in the areas of infotainment, connectivity and autonomous driving technologies.
The first EVs from the Ceer brand are expected come to market in 2025.
The Saudi Public Investment Fund, or PIF, said Ceer is the nation’s first EV brand and will attract more than $150 million in foreign direct investment, and create up to 30,000 direct and indirect jobs. Foreign direct investment, or FDI, is a key piece of the Crown Prince Mohammed bin Salman’s Vision 2030 plan. The country announced last year a national investment strategy to hit more than $100 billion annually in FDI by 2030.
The PIF also said the Ceer brand is projected to contribute $8 billion to the kingdom’s GDP by 2034."
Etc continued in link.
Very interesting indeed. German technologies in the Middle Eastern EV products?
techcrunch.com
The new company, called Ceer, will design, manufacture and sell a portfolio of EVs using BMW’s COMPONENT TECHNOLOGY, according to Thursday’s announcement. Foxconn, the Taiwanese manufacturing giant that makes Apple’s iPhones, is developing the electrical architecture of the vehicles, which Saudi Arabia says will lead to a “portfolio of products” in the areas of infotainment, connectivity and autonomous driving technologies.
The first EVs from the Ceer brand are expected come to market in 2025.
The Saudi Public Investment Fund, or PIF, said Ceer is the nation’s first EV brand and will attract more than $150 million in foreign direct investment, and create up to 30,000 direct and indirect jobs. Foreign direct investment, or FDI, is a key piece of the Crown Prince Mohammed bin Salman’s Vision 2030 plan. The country announced last year a national investment strategy to hit more than $100 billion annually in FDI by 2030.
The PIF also said the Ceer brand is projected to contribute $8 billion to the kingdom’s GDP by 2034."
Etc continued in link.
Very interesting indeed. German technologies in the Middle Eastern EV products?
iPhone maker Foxconn and Saudi Arabia are going into the EV business
Saudi Arabia's sovereign wealth fund has formed a joint venture with Foxconn to build and sell EVs under a new brand called Ceer.
techcrunch.com
