Ceer Company

Ceer Company, a Saudi company specializing in the manufacturing of electric vehicles in the Kingdom of Saudi Arabia, was announced by the Crown Prince, Prime Minister, and Chairman of the Board of Directors of the Public Investment Fund, His Royal Highness Prince Mohammed Bin Salman Bin Abdulaziz Al Saud, on November 3, 2022. It is considered the first electric vehicle brand in the Kingdom and is a joint venture between the Public Investment Fund and Foxconn.

The launch of Ceer Company aligns with the Public Investment Fund's strategy that focuses on investing in promising sectors and enabling them to diversify Saudi economic returns. This is in accordance with the goals of Vision 2030 and consistent with the Kingdom's objectives in reducing carbon emissions and preserving the environment to enhance sustainable development.

Ceer Company supports the development of the industrial sector in the Kingdom, contributes to attracting local and international investments, creates job opportunities for local talents, and provides new opportunities for the private sector. This contributes to increasing the Kingdom's gross domestic product (GDP) over the next decade, in line with the Public Investment Fund's strategy to support economic growth. The company is expected to attract direct foreign investments worth SAR562 million and contribute directly to the GDP with an amount of SAR30 billion. Additionally, it is anticipated to create thirty thousand jobs, both directly and indirectly, by the year 2034.

The company designs, manufactures, and sells electric vehicles equipped with advanced technological systems, such as autonomous driving features, in the Kingdom and the Middle East, including sedans and SUVs. It is a joint venture between the Public Investment Fund and Foxconn. Ceer obtains licensing for electric vehicle component technologies from BMW for use in vehicle development, while Foxconn is responsible for developing the vehicles' electrical systems. The vehicles, which will be designed and manufactured entirely within the Kingdom, are expected to be available for sale by 2025.

On November 29, 2022, King Abdullah Economic City signed an agreement with Ceer Company for the purchase of land worth SAR359 million in the city. This land, spanning over one million m in the Industrial Valley and near King Abdullah Port, is intended for the establishment of an electric vehicle manufacturing facility. The factory is being constructed according to international standards and modern technologies to ensure manufacturing efficiency, rationalize energy and water consumption, and maintain a site free from waste and debris.

The Ministry of Industry and Mineral Resources issued an industrial license to Ceer Company on June 21, 2023, for the establishment of an electric vehicle manufacturing facility in the Industrial Valley of King Abdullah Economic City.

On January 8, 2024, the Saudi Electricity Company and its subsidiary, the National Grid SA, signed two agreements for the provision of electrical services with Emaar The Economic City, the main developer of King Abdullah Economic City. The two agreements aim to provide electrical service to the second and third phases of the King Abdullah Economic City project. The first agreement focuses on connecting the main transformation station in King Abdullah Economic City to the general electrical system network of the National Grid SA. The second agreement specifies the provision of electrical service to power modern international industrial projects specialized in manufacturing electric vehicles in the third phase of the Industrial Valley, including the factory of Ceer, the Saudi electric vehicle manufacturing company.