Crown Prince of Saudi Arabia Mohammed bin Salman announced on Thursday the launch of the first electric vehicles manufacturing company in the Kingdom called Ceer
MOSCOW (Pakistan Point News / Sputnik - 03rd November, 2022) Crown Prince of Saudi Arabia Mohammed bin Salman announced on Thursday the launch of the first electric vehicles manufacturing company in the Kingdom called Ceer.
"Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector, and contributes to increasing Saudi Arabia's GDP over the next decade, as part of PIF's (Saudi sovereign wealth fund) strategy to drive the economic growth in line with Vision 2030," the crown prince said, as quoted by the state-run Saudi Press Agency.
Ceer is a joint venture of the Saudi Public Investment Fund and Taiwan's Foxconn company.
Foxconn is the world's largest electronics contract manufacturer established in 1974 in Taiwan. Among its customers are such major international corporations such as Amazon, Apple, xiaomi, and microsoft. In 2021, the company reported $139 billion in annual net income.
