Saudi Arabia's Prince Mohammed bin Salman has launched the EV brand Ceer as part of his Vision 2030 plan.
Saudi Arabia, a major oil giant and head of OPEC, is gearing up to launch the EV brand Ceer.
The country's Prince Mohammed bin Salman announced the plans on Thursday as the latest in a long list of initiatives supporting his Vision 2030 plan aimed at reducing the country's dependence on oil. Saudi Arabia, via its Public Investment Fund sovereign wealth fund, is already the biggest shareholder in U.S. EV brand Lucid, with a holding of more than 60%, but now it wants its own EV brand to support local industry and jobs. Saudi Arabia's other automotive-related initiatives include establishing aCeer is estimated to lead to 30,000 jobs and an additional $8 billion for Saudi Arabia's GDP by 2034. Both sedan and SUV models are planned, and the first is scheduled for launch in 2025.
Saudi Arabia isn't going it alone with the launch of Ceer. The new EV brand is joint venture between the PIF and Taiwanese contract manufacturer Foxconn which recently launched its own
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