iPhone maker Foxconn, Saudi Arabia enter EV market

by IANS |

Riyadh, Nov 4 (IANS) iPhone maker Foxconn and Saudi Arabia's sovereign wealth fund have formed a joint venture called 'Ceer' to build and sell electric vehicles.

The joint venture will license component technology from BMW to use in the vehicle development process.

Foxconn said in a statement that it will develop the electrical architecture of the vehicles which will lead to "a portfolio of products" in the areas of infotainment, connectivity and autonomous driving technologies.

By 2034, the new company expects to directly contribute $8 billion to Saudi Arabia's GDP, and to bring over $150 million of foreign direct investment.

It will create up to 30,000 direct and indirect jobs.

"Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector, and contributes to increasing Saudi Arabia's GDP over the next decade," said Crown Prince Mohammed bin Salman.

Additionally, the venture will support the country's Vision 2030 initiatives to reduce carbon emissions and promote sustainability in order to lessen the impact of climate change.

The Ceer cars are expected to be released in 2025.

Young Liu, Chairman of Foxconn Technology Group, said that they want to make electric vehicles mainstream, "and that is what Ceer is going to achieve in Saudi Arabia and the wider region".

Latest News
Delhi BJP accuses Kejriwal of 'insulting' national anthem Mon, Jun 05, 2023, 04:29 PM
'Arikomban' will not be released in forest as activist moves Madras HC Mon, Jun 05, 2023, 04:20 PM
Japan mulls using expressway ramps for flood evacuations Mon, Jun 05, 2023, 04:04 PM
CBI probe into Balasore train accident a diversionary tactic: Ex-Rail Min Pawan Bansal Mon, Jun 05, 2023, 03:55 PM
Apt time to address governance gaps in banks, says RBI deputy governor Mon, Jun 05, 2023, 03:36 PM
WTC Final: Shastri, Ponting, Akram give Australia slight advantage over India Mon, Jun 05, 2023, 02:58 PM
India, US discuss ways to enhance defence cooperation Mon, Jun 05, 2023, 02:54 PM
Rajasthan Police arrest man for stealing lingerie company's data on 15L women Mon, Jun 05, 2023, 02:43 PM
Sand mafia gnaws out 'craters' on Raigad's shiny beaches, activists fume Mon, Jun 05, 2023, 02:03 PM
Shivakumar directs involvement of students for tree plantation in Bengaluru Mon, Jun 05, 2023, 01:46 PM
Philippines raises alert level at most active volcano Mon, Jun 05, 2023, 01:29 PM
Security forces in Manipur recover 790 looted sophisticated arms Mon, Jun 05, 2023, 01:17 PM
Yemeni leader, UN envoy meet over peace process Mon, Jun 05, 2023, 01:02 PM
Mukhtar Ansari convicted in 1991 murder case Mon, Jun 05, 2023, 01:00 PM
India's clear aligners market on the rise: Unlocking $500 mn opportunity Mon, Jun 05, 2023, 12:56 PM