The Saudi government is moving towards developing investment in the automotive industry and autonomous vehicle technology.
The Saudi Ministry of Investment signed Tuesday a memorandum of understanding (MoU) with Rigel Capital Management and Clevon, setting the stage for investment development in automotive manufacturing and autonomous vehicle technology.
The government has taken accelerated steps towards adopting modern transportation systems, the latest of which was the announcement of Saudi Crown Prince Mohammed bin Salman, who launched Ceer last November, the first Saudi electric vehicle brand.
Ceer, launched by the Public Investment Fund (PIF), will design, manufacture, and sell electric vehicles with advanced technical systems, such as the autonomous feature in the Kingdom and the Middle East region, including sedans and four-wheel drives.
Ceer is a joint venture between PIF and Foxconn, which will license component technology from BMW for use in the vehicle development process.
Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead to infotainment, connectivity, and autonomous driving technologies.
Each vehicle will be tested to the highest global automotive quality control and safety standards. Ceer cars are scheduled to be available in 2025.
Saudi Arabia, represented by the Ministry of Transport and Logistics Services, is completing the program for preparing legislative frameworks and policies for autonomous vehicles and electric cars to consolidate and sustain green logistics services and operations.
