Ceer, the first electric vehicle (EV) manufacturer in Saudi Arabia, is preparing to launch its inaugural vehicle by late 2026. This announcement was made by Jim DeLuca, the company’s CEO, highlighting a significant stride in the Kingdom’s ambitions to diversify its economy and promote sustainable transportation.
At the Public Investment Fund (PIF) Public Sector Forum in Riyadh held earlier this year, Ceer secured a series of agreements valued at SAR 5.5 billion ($1.4 billion). Remarkably, 80% of these partnerships involve local Saudi businesses, demonstrating a strong commitment to fostering domestic economic growth. In an interview with Al Eqtisadiah, DeLuca elaborated that these new deals build upon established collaborations worth more than SAR 6.6 billion ($1.7 billion) with over 250 companies across the Kingdom.
Ceer is a joint venture that includes Saudi Arabia’s $950 billion sovereign wealth fund, PIF, and Taiwanese electronics giant Foxconn, with BMW lending vital component technology for the vehicle development process. A notable partnership was also solidified in June 2024, when Ceer announced a SAR 8.2 billion agreement with South Korea’s Hyundai Transys to supply EV drive systems that promise to enhance efficiency while reducing vehicle size and weight.
Initially, Ceer plans to introduce two models: an SUV and a compact family car, with a larger saloon and executive vehicle slated to follow. The unveil of these first two models is expected in the fourth quarter of 2025, and production is set to commence approximately a year later from the company’s manufacturing plant located in King Abdullah Economic City. Once at full capacity, this facility is anticipated to produce up to 240,000 vehicles annually.
Looking ahead, Ceer has ambitious plans for the next decade. It aims to attract over $150 million in foreign direct investment and create around 30,000 jobs, both directly and indirectly. Furthermore, the company is targeting a localisation rate of 45% for its product content and expects to contribute $8 billion directly to Saudi Arabia’s GDP by 2034.
The initiative is well funded through to 2034, and DeLuca has indicated that there are potential plans for Ceer to go public on the stock market in the future. This trajectory marks an exciting phase for the electric vehicle landscape in Saudi Arabia, offering both economic benefits and a shift towards sustainable transport options.
