Saudi Arabia’s sovereign wealth said on Thursday it will make electric cars in the kingdom under a joint venture with Apple supplier Foxconn as part of a push to build new industries and lessen dependence on oil.
Ceer “is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles,” PIF said in a statement.
