Saudi Crown Prince Mohammed bin Salman
Cairo: Saudi Arabia launched the Kingdom's first electric vehicle brand, Ceer, on Thursday. The brand, launched by Crown Prince Mohammed bin Salman, is expected to reach markets by 2025, Reuters reported citing Saudi Press Agency (SPA).
Ceer is expected to attract more than $150 million of foreign direct investment. It is also expected to directly contribute $8 billion to the Kingdom's GDP by 2034, SPA reported.
According to SPA, Ceer is a joint project by Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn).