Saudi Arabia’s Sovereign Wealth Fund Forms Electric Vehicle Company With Foxconn

By Nick Hedley

Saudi Arabia’s sovereign wealth fund has launched an electric vehicle company – Ceer – in partnership with Taiwanese electronics giant Foxconn.

“The launch comes in line with the Public Investment Fund’s (PIF’s) strategy to focus on unlocking the capabilities of promising sectors locally that can help drive the diversification of the economy, to help achieve the objectives of Vision 2030,” the fund said in a statement.

“In addition, the company will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change.”

Saudi Arabia’s Crown Prince, Mohammad bin Salman, who is also prime minister and chairman of the Public Investment Fund, announced the launch of the joint venture.

Ceer will design, manufacture and sell a range of electric vehicles for consumers in Saudi Arabia and the wider region. It aims to attract $150 million in foreign direct investment and create up to 30,000 direct and indirect jobs.

It will license component technology from BMW for use in the vehicle development process, while Foxconn will focus on technologies such as infotainment, connectivity and autonomous driving technologies.