Saudi Arabia, the world’s largest exporter of crude oil, on Thursday launched its first electric car brand: Ceer.
This is part of Crown Prince Mohammed bin Salman’s long-term strategy to diversify the country’s economy and make it less dependent on oil revenues.
The new car brand will be produced in partnership with China’s Foxconn, which will be responsible for the vehicles’ electrical architecture.
Ceer cars will be manufactured in Saudi Arabia and should be available from 2025. The brand targets primarily the Arab market, with a wide range of vehicles, from saloon cars to SUVs. Ceer can draw on money from the Saudi government fund, chaired by bin Salman.
Financial details were not released.
By 2034, the company should contribute $8 billion to the national economy. Ceer is also expected to create up to 30,000 jobs.
