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Saudi Arabia’s first EV brand
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CEER, Saudi Arabia’s first electric vehicle brand, is set to contribute Rs 65,820 crore to the country’s GDP by 2034.
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The brand, which was launched in 2022, is backed by the Public Investment Fund (PIF) of Saudi Arabia.
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CEER plans to launch 10 electric vehicle models in the next five years, starting with the CEER 1 SUV in 2023.
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The company is targeting the Middle East and North Africa (MENA) region, as well as Europe and North America.
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CEER’s electric vehicles will be manufactured in Saudi Arabia, and the company plans to create 2,000 jobs in the country.
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The brand’s entry into the electric vehicle market is seen as a major boost for the Saudi Arabian government’s plans to promote sustainable mobility.
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The Saudi Arabian government has set a target of having 30% of new vehicles sold in the country to be electric by 2030.
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CEER’s entry into the market is also seen as a challenge to Tesla, which is already present in the MENA region.
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Tesla has been facing increasing competition from local electric vehicle brands in recent years.
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The entry of CEER and other local brands is likely to intensify competition in the electric vehicle market in the MENA region.
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