Saudi Crown Prince Mohammed bin Salman bin Abdulaziz has announced the launch of Seer, the first Saudi electric vehicle brand in the Kingdom.
The launch of the company is in line with the strategy of the State Investment Fund, which aims to launch and secure promising sectors to diversify the sources of the Saudi economy in line with the Vision 2030 goals and in line with the Kingdom’s goals in reducing carbon emissions and preserving the environment in order to promote sustainable development.
The Crown Prince said, “The launch of Seer aims not only to build an automobile brand in the Kingdom, but also supports the empowerment of several strategic sectors that support the development of the national industrial system and help attract local and international investment that will create many jobs for talented people. people, as well as provide new opportunities for the private sector, thereby contributing to the increase in the Kingdom’s GDP over the next decade, to achieve the strategy of the State Investment Fund to promote accelerated economic growth in line with Vision 2030.
— Government Communications (@CGCSaudi) November 3, 2022
Seer is expected to attract 562 million rials in foreign direct investment to support the Saudi economy, and its direct contribution to gross domestic product will reach 30 billion rials, with 30,000 jobs directly and indirectly created by 2034.
Sir will operate under the State Investment Fund strategy where the company will develop, manufacture and market electric vehicles equipped with advanced technology systems as a self-driving function in the Kingdom and the Middle East, including sedans and SUVs.
Syr is a joint venture between the State Investment Fund and Foxconn, where Syr will license EV-related component technology from BMW for use in vehicle development, and Foxconn will develop an electrical system for vehicles that will completely designed and manufactured in the Kingdom.
The vehicles will be quality tested to the highest international standards and the Sir vehicles are scheduled to go on sale during 2025.
Foxconn Chairman Yong Liu emphasized the importance of this partnership, saying, “I am very pleased with this partnership with the State Investment Fund to establish a new automotive company specializing in the development and production of electric vehicles in the Kingdom of Saudi Arabia.”
He added: “We are investing our experience in Foxconn to support Seer in the production of electric vehicles, which are distinguished by their technical systems, such as autonomous driving.
He emphasized that they are aimed at promoting the concept of electric vehicles and increasing the number of their users, and this is what Seer will be doing in the Kingdom and the region as a whole.