Saudi Arabia has launched its first electric vehicle (EV) brand, Ceer, which aims to contribute to the kingdom’s automotive industry.
According to the state news agency (SPA), the brand which is expected to be available by 2025, will attract over $150 million of foreign direct investment (FDI) and is projected to directly contribute $8 billion to the kingdom’s GDP by 2034.
The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), SPA said.
Additionally, Ceer will also support Saudi Arabia’s efforts to reduce carbon emissions and drive sustainability to address the impact of climate change.
Shipments of EVs are expected to rise by almost 35 percent annually this year as governments introduce regulations and incentives to help the industry’s growth, US consultancy firm Gartner said.
About 6.4 million EV units are expected to be sold this year, 1.6 million more than in 2021, it said recently.