Saudi Arabia has announced the launch of its own electric car brand. The newly formed company Ceer is set to “develop the electric architecture of the vehicles” in cooperation with Foxconn, the largest employer in China’s private sector, the kingdom’s state-run news agency SPA reported on Thursday.
The electric car project will “contribute to Saudi Arabia’s efforts to reduce carbon emissions and promote sustainable development,” it said. 30,000 workers in the Middle East and North Africa East and North Africa design, manufacture and sell,” SPA further reported. “Including sedans and SUVs”. Accordingly, 30,000 direct and indirect jobs are to be created. The first vehicles should be ready in 2025. In April, Saudi Arabia announced an agreement with the US company Lucid Motors for an e-car factory. In both cases, the Saudi Arabian sovereign wealth fund, controlled by Crown Prince Mohammed bin Salman, is contributing financial resources. Bin Salman is banking on rapid economic diversification in the oil country.
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