Saudi crown prince launches electric car company
Crown Prince Mohammed bin Salman wants the oil-rich kingdom to focus more on green technology as he seeks to diversify the economy.
Saudi Arabia will soon have a domestic electric vehicle maker.
Crown Prince Mohammed bin Salman launched Ceer, which will be the first electric vehicle manufacturer in the kingdom. Ceer will be a joint venture between the Saudi Public Investment Fund and the Taiwanese electronics company Foxconn. It aims to attract $150 million in foreign investment, create 30,000 jobs and contribute $8 billion to Saudi Arabia's gross domestic product (GDP) by 2034. Ceer will use technology from German luxury car maker BMW. The endeavor is in line with Saudi Arabia’s economic diversification and carbon reduction goals per the Vision 2030 initiative, the Public Investment Fund said in a statement Thursday.
