The Clap
Saudi Arabia has launched “Ceer”, its first electric vehicle brand.
Deets
“Ceer” is the product of a joint venture between the Public Investment Fund (PIF) & electronics manufacturer Foxconn
So what
This initiative is in line with the PIF’s strategy of enabling promising sectors, in order to diversify the Saudi economy’s sources of income in line with “Saudi Vision 2030”.
Now what
American electric vehicle manufacturer “Lucid Motors”, of which 60% of it is owned by the PIF, will be responsible for building the factory with a production capacity of 155k vehicles annually.
The car is expected to hit the market in 2025.
