Saudi Arabia is creating the country’s first-ever electric vehicle brand, and they are collaborating with BMW Motor Company.
The name of the brand will be known as CEER, and Saudi Arabia has vowed to allocate $9 billion to develop this company.
For the production of cars, Saudi Arabia has established a joint venture with Foxconn Technology Group, which manufactures iPhones and many other tech gadgets.
Foxconn Technology Group will be in charge of developing the infotainment system and the autonomous driving technology for the car.
Saudi Arabia will also license technology from BMW for automotive components because the vehicles will be both electric and autonomous.
The Crown Prince of Saudi Arabia said that this is more than just an automotive brand; it is a way to “ignite a new industry” and “attract investments.”
Currently, Saudi Arabia is talking with Foxconn to establish a $9 billion multipurpose facility to manufacture components for its EV brand directly in the country.
This new car brand will be part of Saudi Arabia’s “vision 2030” plan.
The ultimate goal of this establishment is to solidify Saudi Arabia’s reputation on a global scale when it comes to technology, infrastructure and innovation.
The cars will all be designed, developed and tested in the country.
The first CEER concept car is expected to enter the market within 3-5 years.
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