As part of the strategy of the Saudi Public Investment Fund, Saudi Crown Prince Mohammed bin Salman announced the launch of the "Seer" company, the first Saudi brand to manufacture electric cars in the Kingdom, in line with Vision 2030.
Saudi Crown Prince Mohammed bin Salman announced the launch of "Seer" company, the first Saudi brand to manufacture electric cars in the Kingdom.
According to the Saudi Press Agency (SPA) , Ibn Salman said that the launch of the "Seer" company does not only aim to build a car brand in the Kingdom, but "supports the empowerment of multiple strategic sectors that support the development of the national industrial system and contribute to attracting local and international investments."
He pointed out that this "would create job opportunities for local talent and provide new opportunities for the private sector, which would contribute to increasing the Kingdom's GDP over the next decade."
The Saudi Crown Prince explained that this step comes within the framework of the Public Investment Fund's strategy to contribute to advancing economic growth in line with Vision 2030.
According to the Saudi Press Agency, "Sir" is expected to attract 562 million riyals of foreign direct investment to support the national economy, and its direct contribution to the GDP will reach 30 billion riyals, while providing 30,000 jobs directly and indirectly by 2034.
Sir will work within the strategy of the Public Investment Fund, where the company will design, manufacture and sell electric cars equipped with advanced technology systems, such as self-driving, in the Kingdom and the Middle East, including sedans and SUVs.
SIER is a joint venture between the Public Investment Fund and Foxconn.
Sir will obtain licenses for technology components related to electric vehicles from BMW to be used in vehicle development, while Foxconn will develop the electric system for cars, which will be designed and manufactured entirely in the Kingdom.
The cars will be subject to quality inspection according to the highest international standards, and it is scheduled that the cars of the company "Sir" will be available for sale during the year 2025, according to a statement by the agency "SPA".
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