Foxconn Partners With Saudi Wealth Fund to Build Electric Cars

pictureThe interior of Foxconn Technology Group's Foxtron Model C concept electric sport utility vehicle unveiled at the Hon Hai Tech Day event in Taipei on Oct. 18, 2021. Photo: Bloomberg

(Bloomberg) — Saudi Arabia’s Public Investment Fund and Taiwan’s Foxconn Technology Group are moving ahead with plans to produce electric cars in the Middle Eastern country, a push that could help accelerate efforts by the oil-dependent kingdom to diversify its economy.

The pair will set up a joint venture called Ceer that will license component technology from Germany’s BMW AG and design and build vehicles including sedans and sport utility vehicles in Saudi Arabia for buyers in the region. First models are scheduled to be available in 2025, according to a statement from the PIF, as the wealth fund is known.