Urgent| The Crown Prince launches the Saudi “Seer” for the manufacture of electric cars in the “Kingdom”

His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Board of Directors of the Public Investment Fund – may God protect him – announced today the launch of “Sir” Company, the first Saudi brand for the manufacture of electric cars in the Kingdom.

The launch of the company comes in line with the strategy of the Public Investment Fund, which focuses on launching and enabling promising sectors to diversify the sources of the Saudi economy in accordance with the objectives of Vision 2030, and in line with the Kingdom’s goals in reducing carbon emissions and preserving the environment in order to promote sustainable development.

His Highness the Crown Prince said: “The launch of the “Seer” company does not only aim to build a car brand in the Kingdom, but also supports the empowerment of multiple strategic sectors that support the development of the national industrial system, and contribute to attracting local and international investments, which will create many opportunities Work for local competencies, and provide new opportunities for the private sector, which will contribute to increasing the Kingdom’s GDP over the next decade, in order to achieve the strategy of the Public Investment Fund to contribute to driving economic growth in line with Vision 2030.

It is expected that “Seer” will attract foreign direct investments worth 562 million riyals to support the national economy, and its direct contribution to the gross domestic product will reach 30 billion riyals, while providing 30,000 jobs directly and indirectly by 2034.

“Seer” 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.

The company “Syr” is a joint venture between the Public Investment Fund and “Foxconn”, where “Sir” will obtain licenses for the technology of components related to electric cars from BMW to be used in the development of vehicles, while “Foxconn” will develop the electric system for cars, Which will be entirely designed and manufactured within the Kingdom, and the cars will be subject to quality inspection according to the highest international standards. It is scheduled that the cars of the “Sir” company will be available for sale during the year 2025.

Foxconn Chairman Yong Liu stressed the importance of this partnership, saying: “I am very pleased with this partnership with the Public Investment Fund to create a new car company focused on designing and manufacturing electric cars in Saudi Arabia. We will invest our expertise in Foxconn to support Sir in manufacturing Electric cars are distinguished in their technical systems, such as the self-driving system. We aim to promote the concept of electric cars and increase the number of their users, and this is what Seer will do in the Kingdom and the region as a whole.”