Saudi Arabia's Crown Prince Mohammed bin Salman has launched Ceer, the first Saudi electric vehicle brand, expected to be available in 2025.
Ceer will attract over $150 million of foreign direct investment and is projected to directly contribute $8 billion to the Kingdom's GDP by 2034, the state news agency SPA reported on Thursday.
It is also expected to create up to 30,000 direct and indirect jobs.
The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), SPA said.
HRH Crown Prince Launches #Ceer, the First Saudi Electric Vehicle Brand. https://t.co/nKl5GvYcdW#DrivingTheFuture#SPAGOV pic.twitter.com/cX3tlYumiM
— SPAENG (@Spa_Eng) November 3, 2022
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