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Ceer, Saudi Arabia’s first electric vehicle brand, said construction on the electric vehicles (EV) manufacturing plant at King Abdullah Economic City will start early next year, state-owned Saudi Press Agency (SPA) reported.
The company signed a land purchase agreement worth 359 million Saudi riyals ($95 million) with Emaar, the Economic City at King Abdullah Economic City (KAEC).
The site, located in Industrial Valley (IV) and near King Abdullah Port in KAEC, will cover over one million square metres.
This is the second EV factory to be announced in IV after Lucid Group, a US-based luxury electric vehicle (EV) manufacturer backed by PIF, announced in June 2022 that its first overseas plant would be located in KAEC.
Ceer, a joint venture between the Public Investment Fund and Taiwan’s Hon Hai Precision Industry Co. (Foxconn), will manufacture a portfolio of technologically advanced sedans and sports utility vehicles in KAEC.
The EV vehicles are scheduled to be available from 2025 onwards, the statement said.
Ceer will work towards making the factory a zero waste to landfill site, the report stated.
(Writing by D Madhura; Editing by Anoop Menon)
