With the exploration of EV dominating the airwaves as regulations and bans work on the bends of society, automakers world-wide are positioning themselves to pioneer the revolution. Automakers, such as Ford, Chevrolet and Honda have announced plans to transform their entire fleet to EV (Electric Vehicle) by the year 2030. The transformation from gasoline to electric is an industry wide initiative to lower emissions and pollutants to the environment.
The rising popularity in EV has resulted in increased demand for elective vehicles to 200k in 2022, up from only 54k in 2021. Many countries are passing legislation that will require all electric vehicles by 2030, forcing the manufacture of gas vehicles to cease in the order of mass procuring in this country. With nearly every manufacturer across the world complying, countries such as Saudi Arabia have taken notice and are joining the rush.
Saudi Arabia, majority shareholder in the Lucid Group, has joined with Taiwan’s Foxconn to announce the launching of its electric vehicle brand called Ceer. The collaboration will produce, design and manufacture electric vehicles in Saudi Arabia for consumers in the country and the MENA region. The Kingdom’s Sovereign wealth fund chairman, Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz said in a statement, “Ceer is part of the fund’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising industries.”
The partnership will ignite new industries which will kick start international investments in Saudi Arabia. The joint venture will result in Hon Hai Precision Industry Co. (Foxconn) handling the electrical architecture of the vehicles, with Saudi Arabia responsible for the design and manufacturing. Saudi Arabia, in present years has become one of the world’s leaders of infotainment, connectivity and autonomous technology.
The first EV production vehicles are scheduled to be available to the public in 2025 with both sedans and sports utility vehicles. By the year 2034, Ceer will attract over $200 million in investments, creating upwards of 25,000 jobs in Saudi Arabia and boosting the country’s GDP. Saudi Arabia hopes the Ceer brand EV will bring in excess of over $8 billion to the gross domestic product in the next ten years.
Ceer Motors
