The Saudi Ministry of Industry and Mineral Resources issues the industrial license to Ceer for electric vehicle manufacturing

Riyadh, Saudi Arabia, twenty third June 21, 2023: The Saudi Ministry of Industry and Mineral Resources has granted an industrial license to Ceer, the first Saudi electric vehicle model. An industrial license is a key step for Ceer to construct its manufacturing facility over a million m2 in King Abdullah Economic City’s Industrial Valley in Saudi Arabia.

A three way partnership between the Public Investment Fund (PIF) and Foxconn, Ceer was launched final November below the patronage of His Royal Highness, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

Jarrah bin Mohammed Al-Jarrah, the spokesperson for the Saudi Ministry of Industry and Mineral Resources, emphasised the strategic significance of the automotive trade inside the context of the Kingdom’s nationwide industrial technique. With the international gentle autos market anticipated to double in the subsequent decade, the automotive sector presents a compelling regional alternative.

Al-Jarrah additional highlighted that the automotive manufacturing trade will function a catalyst for different precedence sectors resembling minerals and chemical substances. The growth aligns with the Kingdom’s diversification targets and its potential to export to neighboring markets, contributing to the progress of the non-oil financial system.

In addition to direct financial advantages, the growth of a nationwide automotive sector will even not directly profit the financial system and the native trade in a number of methods, by way of data switch, trade localization, the growth of native content material, and the creation of high-quality job alternatives for Saudi residents.

Ceer is the first Saudi automotive model to produce electric autos in Saudi Arabia, and will design, manufacture and promote a variety of autos for customers in Saudi Arabia and the MENA area, together with sedans and sports activities utility autos. Ceer’s autos can be manufactured in King Abdullah Economic City and can be examined to the highest international automotive high quality management and security requirements. The model’s electric autos are scheduled to be obtainable in 2025. Ceer’s manufacturing unit can be state-of-the-art, that includes the newest applied sciences to guarantee manufacturing effectivity while minimizing vitality and water utilization.

Ceer will appeal to over 562 million Saudi Riyals of international direct funding and create up to 30,000 direct and oblique jobs. Ceer is projected to straight contribute 30 billion Saudi Riyals to Saudi Arabia’s GDP by 2034.