{"id":74662,"date":"2022-11-07T02:13:26","date_gmt":"2022-11-07T02:13:26","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/07\/saudis-local-ev-strategy-moves-full-steam-ahead\/"},"modified":"2022-11-07T02:13:26","modified_gmt":"2022-11-07T02:13:26","slug":"saudis-local-ev-strategy-moves-full-steam-ahead","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/07\/saudis-local-ev-strategy-moves-full-steam-ahead\/","title":{"rendered":"Saudi\u2019s local EV strategy moves full steam ahead"},"content":{"rendered":"

<\/a> KSA enters JV with Taiwan\u2019s Foxconn on EVs:<\/strong> Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), has set up Ceer, a joint venture with Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company (Foxconn<\/a>) to design, manufacture, and sell EVs in Saudi Arabia, according to a PIF statement<\/a> last week.<\/p>\n

Introducing <\/strong>Ceer<\/a><\/strong>:<\/strong> The new company is expected to contribute USD 8 bn to Saudi Arabia\u2019s GDP by 2034, the statement says, netting over USD 150 mn in foreign direct investment and creating up to 30k jobs. The EVs are set to hit the market in 2025.<\/p>\n

BMW tech will be included:<\/strong> Ceer will license component technology from BMW to use in the development process, according to the statement. Foxconn will develop the \u201celectrical architecture\u201d of the EVs \u2014 which will be designed and manufactured in Saudi Arabia \u2014 featuring infotainment, connectivity, and autonomous driving tech, it adds.<\/p>\n

It's part of Saudi\u2019s <\/strong>diversification <\/strong>strategy: <\/strong>PIF\u2019s strategic investment in \u201cpromising sectors\u201d aims to diversify Saudi Arabia\u2019s economy, the statement notes. PIF invested<\/a> over USD 1 bn in Lucid Motors in 2018, and construction of the company\u2019s Saudi Arabia production plant began in May<\/a> this year. 80% of all EVs produced by US-based EV manufacturer Lucid Motors will be made<\/a> in Saudi Arabia by 2030 with 155k EVs produced annually in Saudi Arabia by 2025.<\/p>\n

Other MENA countries are working to board the EV train: <\/strong>Turkey unveiled its first locally-produced EV<\/a> in October, due to go on sale in 3Q 2023 with some 1 mn cars expected to be produced by the end of the decade. Egypt has also been trying for years to bring on board a foreign manufacturer<\/a> to help state-owned El Nasr Automotive produce an Egyptian EV. There\u2019s clearly appetite: 90% of respondents to Enterprise\u2019s recent EV survey plan to buy<\/a> an EV within the next 10 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

KSA enters JV with Taiwan\u2019s Foxconn on EVs: Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), has set up Ceer, a joint venture with Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company (Foxconn) to design, manufacture, and sell EVs in Saudi Arabia, according to a PIF statement last week. Introducing Ceer: […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[103],"tags":[357,102,11,64,1211,194,293,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74662","post","type-post","status-publish","format-standard","hentry","category-electric-vehicles","tag-ceer","tag-electric-vehicles","tag-enterpriseclimate","tag-evs","tag-foxconn","tag-lucid-motors","tag-pif","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"f1b8a41d-7d82-4769-b677-ea007e244255","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[74656],"teaser":"","voice_url":""},"yoast_head":"\nSaudi\u2019s local EV strategy moves full steam ahead - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/07\/saudis-local-ev-strategy-moves-full-steam-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi\u2019s local EV strategy moves full steam ahead\" \/>\n<meta property=\"og:description\" content=\"KSA enters JV with Taiwan\u2019s Foxconn on EVs: Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), has set up Ceer, a joint venture with Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company (Foxconn) to design, manufacture, and sell EVs in Saudi Arabia, according to a PIF statement last week. 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