It seems that Saudi investment in the electric vehicle industry In line with Bin Salman’s determination and serious intention to change the procedure and rely on Oil revenues in Saudi Arabia be

The Saudi Arabian Government Capital and Assets Fund is a joint venture with the company Foxconn for the manufacture and sale of electric vehicles, this Saudi investment in the electric vehicle industry is the country’s latest step to achieve the goal of the 2030 vision for Reducing economic dependence on oil And Diversifying the economy Is.

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Saudi investment in the electric vehicle industry

According to the announcement on Thursday, a new company named Cheers formed, which is a set of Electric cars using technology BMW parts It will design, produce and sell. Foxconn, the Taiwanese manufacturing giant that also makes Apple’s iPhones, is developing an electric vehicle architecture that Saudi Arabia says will lead to a range of products in infotainment, connectivity and autonomous driving technologies. it is expected The first electric cars of the Ceer brand In the year 2025 enter the market

The Saudi National Investment Fund (PIF) said: “Ceer is the first electric car brand in the country and will attract more than $150 million in foreign direct investment and create up to 30,000 direct and indirect jobs.”

Foreign direct investment or FDI is one of the key parts of Saudi Crown Prince Mohammed bin Salman’s Vision 2030 plan. Last year, the country also announced a national investment strategy to reach more than $100 billion in FDI per year by 2030.

The Saudi National Investment Fund also said that the Ceer brand is expected to contribute to the Kingdom of Saudi Arabia’s $8 billion GDP by 2034.

Saudi investment in the electric vehicle industry

Saudi Arabia’s National Investment Fund has made a number of investments in electric vehicles and other clean technologies. In 2018, PIF invested $1 billion in Lucid Motors, becoming its largest shareholder. The fund, which owns 61 percent of Lucid, made an initial commitment to buy in spring 2022 50,000 Lucid electric vehicles along with the possibility of buying another 50,000 vehicles in a period of 10 years.

Foxconn has been making big strides in the automotive sector, especially in the area of ​​electric vehicles. Foxconn has contracts to produce electric vehicles for Lordstown Motors and Fisker. The company has also partnered with Taiwanese automaker Yulon to build an electric SUV called the Model C.

Foxconn Chairman Liu Yangwei said at the third annual Hon Hai Technology Day event in October that he wants to replicate the company’s success in producing consumer gadgets in making electric cars for automakers.

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Source: techcrunch

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