Saudi crown prince launches Ceer, first Saudi electric vehicle brand

Saudi Arabia's crown prince Mohammed bin Salman has launched Ceer, the first Saudi electric vehicle brand, expected to be available in 2025, the state news agency (SPA) reported on Thursday.

Ceer will attract over $150 million of foreign direct investment and is projected to directly contribute $8 billion to the kingdom's GDP by 2034, SPA added.

The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), SPA said.