Saudi Arabia Teams Up With Foxconn To Launch Its Own Ceer EV Brand via insideevs.com
Saudi Arabia may be Lucid Group's majority owner—with 61 percent of shares through its Public Investment Fund —but the oil-rich country has bigger ambitions when it comes to electric vehicles.
The announcement was made by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Public Investment Fund , who said that Ceer is part of the fund's strategy to diversify Saudi Arabia's GDP growth by investing in promising growth industries. for use in the vehicle development process. No details on specific components are available yet, but an earlier report fromFoxconn will be responsible for developing the electrical architecture of the vehicles, which should result"in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving technologies.
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