Ceer Invests $96 Million To Buy Land For EV Factory In Saudi Arabia

Ceer Invests $96 Million To Buy Land For EV Factory In Saudi Arabia

Saudi Arabia’s first EV brand, Ceer, has agreed to a land purchase agreement for 359 million Saudi riyals ($96 million) with Emaar The Economic City. The site, at King Abdullah Economic City (KAEC) and located near the King Abdullah Port, will be used to develop an EV factory and will cover one million square metres.

Construction will begin early in 2023, and Ceer expects to produce vehicles for pick up in 2025. The company says it expects to create thousands of direct and indirect jobs, mostly for citizens of Saudi Arabia.

“We have found a place that meets all of our needs,” said James DeLuca, the new CEO of Ceer. “KAEC offers us a great location with world-class logistics, effective access for our global and Saudi-based suppliers, and an ideal location to base and develop our future workforce.”

Ceer was established as a joint venture between Taiwanese tech company Foxconn and the Saudi Arabian sovereign wealth fund, the Public Investment Fund (PIF). It is expected to design and make vehicles for customers in its home country of Saudi Arabia, along with the Middle East and North Africa (MENA) region. The company will license technology from BMW as part of developing its vehicles.

Ceer says it will also support the country’s efforts to reduce CO2 emissions and improve sustainability, adding that the factory would minimise the use of energy and water, while working toward zero-waste-to-landfill at the site.