Apple Supplier Foxconn Partners With Saudi Wealth Fund To Build EVs

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. Reuters reports: 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. PIF said its cars would be available in 2025, adding Ceer would draw more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs and is projected to contribute $8 billion to the kingdom's GDP by 2034. The joint venture "will license component technology from BMW for use in the vehicle development process," PIF said in a statement. "Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving technologies," it added.

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