The company plans to design, manufacture, and sell a variety of vehicles, including sedans and SUVs, to customers in Saudi Arabia and the Middle East and North Africa region. In addition to aiding Saudi Arabia's efforts to reduce carbon emissions and drive sustainability in order to address the impact of climate change, the launch of the brand is in line with the Saudi Public Investment Fund's strategy of focusing on unlocking the capabilities of sectors locally in order to diversify the economy.
“We are igniting a new industry and an ecosystem that attracts international and local investments and creates job opportunities for local talent,” the crown prince said “Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments creates job opportunities for local talent, enables the private sector, and contributes to increasing Saudi Arabia’s GDP over the next decade, as part of PIF’s strategy to drive economic growth in line with Vision 2030,” Prince Mohammed said.
Ceer will attract approximately US$150 million in FDI and create up to 30,000 direct and indirect jobs as part of PIF's objective to diversify Saudi Arabia's GDP development by investing in attractive emerging industries. According to SPA, Ceer is expected to provide a direct contribution of $8 billion to Saudi Arabia's GDP by 2034. The startup will utilise BMW's component technology in the development of vehicles under licence from PIF and Foxconn. Foxconn is responsible for designing the vehicles' electrical architecture, which will lead to a range of products at the forefront of advancements in autonomous driving, networking, and infotainment. Each car will be put through rigorous inspections to ensure it meets the highest quality and safety requirements in the industry. We expect to see Ceer cars on the road around the year 2025.
