Saudi Public Investment Fund (PIF) and Foxconn Group are promoting plans to produce electric vehicles in Saudi Arabia.
According to Bloomberg News on Friday (November 4), PIF issued a statement saying that the Saudi Public Investment Fund and Foxconn Group will form a joint venture called CEER to obtain component technology authorization from BMW German car company BMW., Saudi buyers design and produce cars and SUV models.The first electric vehicle is expected to be delivered in 2025.
Saudi Crown Prince Mohammed Bin Salman stated in the statement that "Saudi Arabia not only wants to build a new car brand, but also create a new industry and ecosystem to attract international and local locationsInvestment, creating employment opportunities for local talents, benefiting private sectors, and contributing to Saudi Arabia's growth of GDP's GDP (GDP) in the next 10 years. "
According to the above statement, a joint venture jointly established by the Saudi Public Investment Fund and Foxconn Group will introduce more than 150 million US dollars (below, ST $ 22 million) to Saudi Arabia to createAs many as 30,000 employment opportunities.This cooperation project is expected to contribute $ 8 billion to Saudi Arabia's GDP by 2034.
Bloomberg first reported that at the end of last year, the Saudi Public Investment Fund and Foxconn Group intended to produce electric vehicles, including the technology authorization of components from BMW in Germany.
Foxconn Group is a foundry of Apple in the United States. In the past two years, it is committed to promoting the development and production plan of electric vehicles and regarding the plan as a new direction of future development.Foxconn earlier this year, which cost $ 230 million in Ohio, Ohodston Drag Motor Factory, and announced in October that it reached an agreement with the Electric vehicle startup in 2017 and the headquarters in Los Angeles.The state factory manufacture its original car for its first mass production car.
