Hyperdrive
Foxconn Partners With Saudi Wealth Fund to Build Electric Cars
- First vehicles are scheduled to become available in 2025
- The oil-rich kingdom is looking to diversify its economy
The interior a Foxconn Technology Group electric sport utility vehicle in Taipei, Taiwan.
Photographer: I-Hwa Cheng/BloombergThis article is for subscribers only.
Saudi Arabia’s Public Investment Fund and Taiwan’s Foxconn Technology Group are moving ahead with plans to produce electric cars in the Middle Eastern country, a push that could help accelerate efforts by the oil-dependent kingdom to diversify its economy.
The pair will set up a joint venture called Ceer that will license component technology from Germany’s BMW AG and design and build vehicles including sedans and sport utility vehicles in Saudi Arabia for buyers in the region. First models are scheduled to be available in 2025, according to a statement from the PIF, as the wealth fund is known.