The firm, a joint venture between the kingdom’s Public Investment Fund (PIF) and Hon Hai Precision Industry Co. popularly known as Foxconn. They will develop, build, and sell a variety of cars to MENA customers, including sedans and SUVs. According to PIF, the joint venture “will licence component technology from BMW for use in the car development process.” “Foxconn will design the cars’ electrical architecture, culminating in a portfolio of goods that will lead in the fields of entertainment, connection, and autonomous driving technologies,” the company noted. According to the Saudi Public Investment Fund, Ceer will attract more than $150 million in foreign direct investment and create up to 30,000 direct and indirect employment. Foreign direct investment, or FDI, is a critical component of Crown Prince Mohammed bin Salman’s Vision 2030 strategy. Last year, the country launched a national investment strategy to attract more than $100 billion in FDI yearly by 2030. Foxconn Chairman Liu Young-way stated that the company’s third annual Hon Hai Tech Day event that the company’s success in manufacturing consumer electronics should be replicated in the production of EVs for automakers.
