{"id":75043,"date":"2022-11-30T02:00:36","date_gmt":"2022-11-30T02:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/30\/saudi-arabias-ceer-lands-a-site-for-its-new-ev-factory\/"},"modified":"2022-11-30T02:00:36","modified_gmt":"2022-11-30T02:00:36","slug":"saudi-arabias-ceer-lands-a-site-for-its-new-ev-factory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/30\/saudi-arabias-ceer-lands-a-site-for-its-new-ev-factory\/","title":{"rendered":"Saudi Arabia\u2019s Ceer lands a site for its new EV factory"},"content":{"rendered":"

<\/a> Saudi Arabia\u2019s first EV company,<\/strong> Ceer, has <\/strong>secured a site <\/strong>for its USD 96 mn electric vehicle factory<\/strong>, the Saudi Embassy in Egypt said in a statement (<\/a>pdf<\/a>)<\/a>. Ceer<\/a> has secured a 1 mn sqm plot in the King Abdullah Economic Center<\/a> near King Abdullah Port on Saudi\u2019s west coast. Construction is scheduled to begin early next year.<\/p>\n

A refresher on Ceer: <\/strong>The Public Investment Fund<\/a> (PIF) set up Ceer as a JV with Taiwan\u2019s Foxconn Technology Group<\/a> earlier this month<\/a> to design, manufacture, and sell EVs in Saudi Arabia by 2025. The factory is expected to attract more than USD 150 mn in foreign direct investment and is expected to contribute USD 8 bn to the country\u2019s GDP by 2034, according to a previous statement<\/a>. Ceer will also license component technology from BMW for use in the development process and EV models will include sedans and 4x4s, the statement adds.<\/p>\n

This is not PIF\u2019s first foray into EVs: <\/strong>The sovereign wealth fund previously invested<\/a> upward of USD 1 bn in US-based luxury EV manufacturer Lucid Motors<\/a> as part of the country\u2019s economic diversification strategy. The plant \u2014 which began construction<\/a> earlier this year \u2014 will produce 155k vehicles annually by 2025 and 80% of Lucid\u2019s EVs will be produced in Saudi Arabia in 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia\u2019s first EV company, Ceer, has secured a site for its USD 96 mn electric vehicle factory, the Saudi Embassy in Egypt said in a statement (pdf). Ceer has secured a 1 mn sqm plot in the King Abdullah Economic Center near King Abdullah Port on Saudi\u2019s west coast. Construction is scheduled to begin […]<\/p>\n","protected":false},"author":1,"featured_media":75044,"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":[102,11,64,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-electric-vehicles","tag-electric-vehicles","tag-enterpriseclimate","tag-evs","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"5ee461e8-e76f-4e4f-bab1-3bf0611dff80","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/6832.jpg","photo_position":"above","related_issue":[75034],"teaser":"","voice_url":""},"yoast_head":"\nSaudi Arabia\u2019s Ceer lands a site for its new EV factory - 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\/30\/saudi-arabias-ceer-lands-a-site-for-its-new-ev-factory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia\u2019s Ceer lands a site for its new EV factory\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia\u2019s first EV company, Ceer, has secured a site for its USD 96 mn electric vehicle factory, the Saudi Embassy in Egypt said in a statement (pdf). Ceer has secured a 1 mn sqm plot in the King Abdullah Economic Center near King Abdullah Port on Saudi\u2019s west coast. 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