Saudi electric car company Ceer to build factory near Red Sea
Ceer, which will be Saudi Arabia’s first electric vehicle-maker, is the latest Saudi project to help the oil-rich kingdom diversify.
Saudi Arabia’s new electric vehicle company Ceer has signed a deal to build a manufacturing site in the country.
Ceer inked a nearly $69 million agreement with the King Abdullah Economic City to build its first manufacturing facility for electric vehicles. The facility will cover 1 million square meters (10.7 million square feet) and construction will begin in early 2023. Ceer said that the “majority” of jobs pertaining to the project will go to Saudi citizens, according to a press release.
The King Abdullah Economic City is located on the Red Sea north of Jeddah, and hosts factories, a university, a port and more.
Why it matters: Saudi Crown Prince Mohammed bin Salman unveiled Ceer earlier this month. The company is a joint venture between the Salman-led Public Investment Fund and the Taiwanese electronics company Foxconn. Ceer is Saudi Arabia’s first electric vehicle company, and aims to contribute to the Vision 2030 economic diversification initiative.
