Foxconn and PIF form joint venture to launch home-grown Saudi automaker

Foxconn and the Public Investment Fund of Saudi Arabia have formed a joint venture in Saudi Arabia to establish Ceer, the country's first home-grown automaker. The company aims to contribute to Saudi Arabia's Vision 2030 by diversifying the economy away from oil production. The company plans to introduce seven new models into its portfolio by 2030, some of which will be hybrids. While current plans do not include sales outside the Gulf Cooperation Council region, expansion is possible based on market demand.

The initiative represents a significant strategic move for Foxconn into the automotive manufacturing sector through a partnership with a sovereign wealth fund. The establishment of this domestic production base supports the economic diversification goals of Saudi Arabia.