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Saudi ‘Ceer’ to Unveil First Electric Car Models by End of 2025

An engineer at Ceer (company website)
An engineer at Ceer (company website)
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Saudi ‘Ceer’ to Unveil First Electric Car Models by End of 2025

An engineer at Ceer (company website)
An engineer at Ceer (company website)

Saudi electric vehicle maker Ceer, owned by the Public Investment Fund (PIF), plans to unveil its first two electric models—the Sedan and E-Class SUV—in late 2025.

This is part of its effort to build a full vehicle manufacturing ecosystem in the Kingdom, support the sector's growth, and create job opportunities, aligning with Vision 2030.

James DeLuca, CEO of Ceer, told Asharq Al-Awsat that production at its $1.3 billion Ceer Manufacturing Complex (CMC) is expected to start by 2026.

The complex will be part of the King Salman Automotive Cluster, named by Crown Prince Mohammed bin Salman earlier this month.

DeLuca highlighted that the King Salman Automotive Cluster is establishing a comprehensive industrial ecosystem for vehicle manufacturing, featuring advanced infrastructure and a supportive environment.

This will significantly boost Ceer’s ability to produce vehicles, attract further investments and partnerships, and accelerate the Kingdom’s transformation into a global hub for sustainable vehicle production.

Ceer aims to add $8 billion to Saudi Arabia’s GDP by 2034 and boost non-oil GDP by $24 billion to $34.6 billion, according to DeLuca. The company also expects to attract $150 million in foreign investment and create 30,000 direct and indirect jobs.

The company’s investment totals SAR6.6 billion ($1.76 billion).

DeLuca said Ceer plans to design, produce, and sell Sedan and SUV models in the E, D, and C categories. The CMC is central to the company’s goal of building a local electric vehicle industry, allowing it to deliver products that meet local and regional demands.

He also mentioned that Ceer is focusing on developing national talent by attracting global experts for knowledge transfer and job training. The company is also partnering with institutions to train Saudi talent.

Ceer offers Saudi graduates hands-on training with global automotive experts, helping to prepare skilled professionals for the Kingdom’s growing automotive sector.

At PIF’s Private Sector Forum 2025 in Riyadh, Ceer announced 11 agreements worth SAR 5.5 billion ($1.5 billion), 80% of which were with local private-sector companies.

This supports Ceer’s goal of localizing 45% of its supply chains and contributing to the Kingdom’s Vision 2030.

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Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
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Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)

Oil prices edged lower on Wednesday, after bouncing back from a sharp sell-off earlier in the week, as investors turned their focus to US-China trade talks this weekend.

Brent crude futures were down 71 cents a barrel, or around 1.14%, at $61.44 a barrel by 12:00 p.m. ET (1600 GMT), while US West Texas Intermediate crude was down 66 cents, or 1.12%, lower at $58.43 a barrel.

The US and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy.

The US-China trade talks come after weeks of escalating tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.

"While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the US receives major trade concessions, further de-escalation seems unlikely," he said.

Investors also awaited the upcoming Fed update on Wednesday. They expect the policy rate to remain in the 4.25%-4.50% range until the Fed's July 29-30 meeting.

Meanwhile, US crude inventories fell by 2 million barrels to 438.4 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, compared with analysts' expectations in a Reuters poll for a 833,000-barrel draw.

However, gasoline inventories rose, raising concerns among analysts of weak demand ahead of a major driving holiday in the US later this month.

"This is the first bad report for gasoline in a couple of weeks. The refiner had been cranking up the utilization rate. But today in this report it went backwards," said Bob Yawger, director of energy futures at Mizuho.

Limiting the losses, some US producers have signaled that they would cut spending, cautioning that the country's oil output may have peaked.

Additionally, conflict in the Middle East between Israel and the Houthis increases the geopolitical risk premium, said Tamas Varga, an analyst at PVM.