EV Magazine: Ceer gears up to contribute to decarbonization in the Middle East

With Saudi Arabia ranking 28th among nations with the most cars, number one in the Middle East for its car market, and home to many classic car enthusiasts, it’s not surprising that the country is entering the automotive manufacturing sector, reported EV Magazine.

The global hydrocarbon force has decided, however, to produce not internal combustion engine cars, but battery electric vehicles (BEVs) – fully electric with rechargeable batteries. 

Ceer, the PIF-owned first Saudi electric vehicle company, reflects Saudi Arabia’s ambitions to support the global energy transition, future-oriented transport and infrastructure, decarbonization and the power sector – with implications for attracting investment, talent and technology, and creating thousands of quality jobs.

During an interview for the international media outlet, Ceer’s CEO Jim DeLuca revealed why Saudi Arabia is localizing its automotive sector and why PIF is investing in industries of the future.

As a joint venture with Taiwan’s Foxconn, the world’s largest electronics manufacturer, Ceer aligns with Vision 2030, the Saudi reform blueprint to diversify beyond fossil fuels for long-term prosperity through strategic sectors and PIF’s net zero emissions goal by 2050, explained DeLuca.

With advances in technology making EV cars more affordable, alongside government incentives and rising fuel prices favoring EVs, DeLuca believes the Middle East and North Africa (MENA) is ready for the nascent automotive sector. Indeed, the EV market in the region is expected to more than double by 2030.

As a catalyst for the Saudi transformation roadmap, PIF focuses on enabling companies at the forefront of innovation. Ceer is an anchor investment, with targets to produce 170,000 cars per year by 2025, create 30,000 direct and indirect jobs, and inject approximately $8 billion to the Saudi GDP by 2034. What’s more, Ceer is expected to attract more than $150 million in foreign direct investment. 

DeLuca said: “Ceer is committed to bringing to market electric mobility that is affordable, reliable, state of the art, and aspirational – realized through the highest global operational, technological and safety standards.” 

That’s a success formula for MENA – and for the rest of the world.

Read the full EV Magazine article here.

Content on third-party media sites does not necessarily represent the views of PIF, its portfolio companies, or affiliates.