Foxconn Buys A Plot Of Land For Its New Saudi Arabian EV Brand | Carscoops carscoops
. The factory will manufacture a host of sedans and SUVs , the first of which is expected to hit the market in 2025.
“We have found a place that meets all our needs,” Ceer chief executive James DeLuca said. “KAEC offers us a great location with world-class logistics, effective access for our global and Saudi-based suppliers, and an ideal location to base and develop our future workforce. KAEC will become our manufacturing hub as we work towards creating the first electric vehicle brand for Saudi Arabia and the wider region and, in doing so, contribute in a meaningful way to Saudi Vision 2030.
Ceer is expected to generate more than $150 million on foreign direct investment and is projected to contribute $8 billion to Saudi Arabia’s gross domestic product by 2034. “We are delighted to welcome Ceer to KAEC and to help make history by building the first automotive manufacturing hub in Saudi Arabia and the wider region,” said Cyril Piaia, the chief executive of the development company behind KAEC. “KAEC is aiming at integrating into Vision 2030 initiatives with the vision to be a global manufacturing center, and we are spearheading the creation of anthat will be both innovation-focused and have sustainability at its heart.
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