Saudi Arabia launches Ceer EV joint venture with Foxconn

A joint venture between Saudi Arabia’s Public Investment Fund (PIF) and Taiwanese electronics manufacturer Foxconn has been announced to launch a new carmaking enterprise focused on electric vehicles. The partnership, unveiled in a joint statement, will combine PIF’s capital resources with Foxconn’s manufacturing expertise to establish a production facility in the Kingdom, with initial investment estimates ranging from $5 billion to $6 billion. The venture aims to commence vehicle assembly by 2026, targeting both domestic demand and export markets, and will operate under a brand that is yet to be disclosed.

The collaboration reflects Saudi Arabia’s broader strategy to diversify its economy under Vision 2030, reducing reliance on oil revenues by developing a domestic automotive sector. For Foxconn, the project marks an expansion beyond its traditional role as a contract electronics assembler into the rapidly growing electric‑vehicle market. Industry analysts view the partnership as a strategic move that could position the new carmaker as a regional hub for EV production, leveraging Saudi incentives and Foxconn’s global supply‑chain capabilities. The joint venture is expected to create thousands of jobs and contribute to the Kingdom’s ambition to become a manufacturing and technology hub in the Middle East.