Saudi’s Ceer unveils first EVs in push to become autos hub

Saudi Arabia's startup CEER unveiled its first electric vehicles, two luxury cars designed with futuristic features, in a bid to diversify the country's economy. The Exobot sedan and SUV, both equipped with gull-wing doors and long windshields, were personally chosen by Crown Prince Mohammed bin Salman. Pricing for the initial models remains undisclosed, but executives predict they will cater to high-end buyers.

CEER plans to roll out five more models, ranging in price, by 2030. The company's production plant in Saudi Arabia's west coast, near Jeddah, boasts the capacity to manufacture 240,000 vehicles annually. CEER was established by the kingdom's sovereign wealth fund in 2022, and its plant is part of a burgeoning automotive cluster in King Abdullah Economic City.

This cluster aims to create jobs, diversify the economy, and increase non-oil exports. CEER's journey marks a significant endeavor for Saudi Arabia, following numerous prior attempts to establish an automotive industry in the country. Despite several failed attempts, including Jaguar Land Rover's abandonment of a manufacturing facility over a decade ago and Toyota's withdrawal from talks in 2019, the government has since shifted its strategy.

CEER's launch comes amid a broader push by Saudi Arabia to diversify its economy and reduce dependency on oil exports. However, the company faces stiff competition from Chinese EV brands that have been rapidly expanding their presence in the region. CEER's first cars, while innovative, may struggle to attract customers due to their high-tech features and complex design, which could lead to higher production costs.

Although the company remains privately held, ensuring confidentiality in its financial dealings, the management team will need to secure substantial funding to ensure the successful launch and scaling of its operations.