Saudi PIF Sets up Joint Venture with Apple Supplier Foxconn

Saudi Arabia's sovereign wealth PIF announced plans to start manufacturing EVs in the kingdom under a joint venture with Apple supplier Foxconn.

According to the fund, its company named Ceer would produce first cars in 2025, drawing more than $150 million in FDI and reating up to 30,000 direct and indirect jobs. The new company is projected to contribute $8 billion to the kingdom's GDP by 2034.

Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles,

PIF said in a statement.

Foxconn will be responsible for the development of the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving technologies.

We will leverage Foxconn's technological expertise to support Ceer's vision of creating a range of iconic electric vehicles that are built around the themes of connectivity, infotainment and autonomy,

Foxconn Chairman Young Liu said, according to PIF's statement.