Saudi Arabia’s sovereign wealth fund has agreed a deal with Apple partner Foxconn to produce electric vehicles in the kingdom as part of its push to diversify its oil-dependent economy.
The joint venture between Saudi Arabia’s Public Investment Fund and Foxconn will operate under the brand name Ceer, which sounds like the word for “drive” in Arabic.
Ceer electric vehicles will be available from 2025, the PIF said in a statement on Thursday, adding that the joint venture is looking to attract $150mn in foreign direct investment and will license component technology from Germany’s BMW.
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