Crown Prince Mohammed Bin Salman Launches Ceer, Saudi Arabia's First Electric Vehicle

Saudi Arabia's crown prince, Mohammed bin Salman, has launched Ceer. (photo: Twitter @Mohamme888167)

JAKARTA - Saudi Arabia's crown prince, Mohammed bin Salman, has launched Ceer, the first Saudi electric vehicle brand. According to the country's news agency, SPA, on Thursday, November 3, this vehicle is expected to be available on the market in 2025.

Ceer will attract more than US$150 million in foreign direct investment and is projected to directly contribute US$8 billion to the kingdom's GDP by 2034.

The company is a joint venture between the Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxcon).

Previously, the Saudi Arabian Public Investment Fund, had also been the largest shareholder in the Lucid car factory, with an approximately 61% stake in the company.

Lucid Group Inc announced last April that it had signed an agreement with the Saudi Arabian government for the purchase of up to 100,000 vehicles over the next 10 years.

In his statement Lucid also said, “Saudi Arabia is committed to purchasing 50,000 vehicles under the agreement, with the option to purchase an additional 50,000 vehicles over a ten-year period.

This is proof and commitment of the world's largest oil-producing country to also follow the trend in the development of electric cars.