Saudi Arabia's Ceer launches flagship electric vehicles

> The EV producer signed 16 commercial deals totalling more than SAR3.7 billion in February, seeking to localise 45 percent of materials and parts by 2034.

> Ceer is a joint venture between PIF and Taiwanese contract electronics manufacturer Foxconn. German automaker BMW is the component technology provider for vehicle development.

> In June 2024 the company signed an SAR8.2 billion contract with South Korea’s Hyundai Transys for the supply of EV drive systems, which will reduce size and weight while enhancing power efficiency.

> Interim CEO Marc Winterhoff of [majority] PIF-backed US carmaker Lucid Group said in January that full-scale vehicle manufacturing is expected to begin in Saudi Arabia this year, transitioning from assembly only at its facility near Jeddah.