{"id":84176,"date":"2024-03-10T00:00:00","date_gmt":"2024-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/ceer-awards-sar-5-bn-contract-for-ev-production-facility\/"},"modified":"2024-03-10T00:00:00","modified_gmt":"2024-03-10T00:00:00","slug":"ceer-awards-sar-5-bn-contract-for-ev-production-facility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/ceer-awards-sar-5-bn-contract-for-ev-production-facility\/","title":{"rendered":"Ceer awards SAR 5 bn contract for EV production facility"},"content":{"rendered":"

One step closer to Ceer\u2019s EV production facility:<\/strong> The Kingdom\u2019s first electric vehicle brand Ceer<\/a> awarded a SAR 5 bn (USD 1.3 bn) construction contract for its electric vehicle complex to local contractor Modern Building Leaders<\/a>, a statement by Ceer<\/a> read last week. Creer didn\u2019t say when it expects the factory to be up and running. <\/p>\n

What we know: <\/strong>Located in King Abdullah Economic City (KAEC), Ceer\u2019s EV complex will span over 1 mn sqm, with a bit more than half of that figure being under a roof. It will include press, body, and paint shops, as well as a general assembly line, it said. The complex will also include zones for logistics, waste management, storage, offices, water treatment, and a vehicle testing track. <\/p>\n

About Ceer: <\/strong>The company \u2014 launched in November 2022<\/a> by Crown Prince Mohammed bin Salman \u2014 is expected to contribute USD 8 bn to GDP by 2034 and to be a magnet for more than USD 150 mn in foreign direct investment. Ceer\u2019s EVs are expected to hit the market in 2025. It will license component technology from BMW in the development process. <\/p>\n

The Apple connection:<\/strong> Creer is a JV between the Public Investment Fund and Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company, or Foxconn. Foxconn is best known as the largest maker of Apple iPhones. <\/p>\n

Lucid is already in the first days of assembly here:<\/strong> US EV manufacturer Lucid \u2014 in which the PIF owns a 60% stake \u2014 inaugurated in September<\/a> its first overseas production facility in KAEC. It plans to produce 155k EVs yearly in the Kingdom once it hits full capacity here in 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

iPhone producer Foxconn is a partner in Creer, which aims to produce EVs here starting in 2025<\/p>\n","protected":false},"author":1,"featured_media":84177,"comment_status":"","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":[2716],"tags":[1408,52,10,2751,1410,1409,392,154],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-ceer","tag-electric-vehicles","tag-enterpriseam-ksa","tag-ev","tag-foxconn","tag-hon-hai-precision-industry-company","tag-manufacturing","tag-pif","wpautop","entry"],"acf":{"mongo_id":"366185a1-c8a6-4015-84d4-78d3bc757b7c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/736.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ceer awards SAR 5 bn contract for EV plant to Modern Building Leaders","related_issue":[84171],"teaser":"iPhone producer Foxconn is a partner in Creer, which aims to produce EVs here starting in 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.f1c1bd3d-edfb-4288-a492-51fd22216308.mp3"},"yoast_head":"\nCeer awards SAR 5 bn contract for EV production facility - 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