Lucid’s Investor Promises New BEV Brand in Foxconn Collaboration

Microprocessor giant Foxconn is teaming up with Lucid Motor's investor, Saudi Arabia’s sovereign Public Wealth Fund (PIF), to start making a new BEV brand in the oil-rich nation.

The move, reported by Reuters, is said to be part of a push to build new industries and lessen the country’s dependence on oil revenues. The car brand will be dubbed Ceer using components from BMW provided under license.

PIF said its cars would be available in 2025, adding the brand would hope to draw more than $150M in foreign direct investment, create up to 30,000 direct and indirect jobs and is projected to contribute $8Bn to the kingdom's GDP by 2034.

The fund already owns more than 60% of the BEV maker Lucid currently building an electric vehicle assembly plant in Jeddah with an eventual capacity to manufacture 150,000 vehicles a year. The Saudi government signed a deal with Lucid to buy up to 100,000 of its cars over the next 10 years.

PIF said in a statement: “[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. 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.”

— Paul Myles is a seasoned automotive journalist based in Europe. Follow him on Twitter @Paulmyles_