Prince Mohammed bin Salman announced the establishment of the first electric car company

 Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman announced the establishment of the first Saudi company to manufacture electric cars in Saudi Arabia, "Sir".

According to the Saudi news agency "SPA", Prince Mohammed bin Salman, who is also the head of the Majlis administration of the Public Investment Fund, said that the purpose of establishing the "Sir Company" is not only to introduce the Saudi brand of electric vehicles in the kingdom. Rather, thanks to this, several strategic sectors that develop the national industrial system on modern lines will also be strengthened.

Thanks to this, Saudi and international investment will be boosted. The natives will get new employment opportunities. New possibilities for private sector expansion will be highlighted. During the next decade, the gross national product of the country will increase.

It is expected that the foreign investment of 562 million riyals will be made thanks to the "Sir" company, which will further strengthen the national economy.

Its share in the total national production will be up to 30 billion Rials. This will create 30,000 jobs directly or indirectly by 2034.

Seer Company will participate in the design, manufacture and business of electric vehicles equipped with the latest technology systems. It will promote automated driving across the Middle East, including in the Kingdom. It will also contribute to the evolution of sedans and four-wheelers.

Sear Company is a joint venture of Public Investment Fund and Foxconn Company. The Seir company will get permits from BMW for the technology used in the production of electric vehicles, while the Foxconn company will develop the electric vehicle system. The Foxconn company will design the electric vehicles in the country and all the work of the vehicle will be done in the country.

Electric vehicles manufactured in Saudi Arabia will be in accordance with world standards. According to the program, the vehicles manufactured by Seer Company will be in the market by 2025.

Focusing on the importance of the partnership with the Saudi Investment Fund, Foxconn Chairman Yong Liu said, "I am very happy to have entered into a partnership agreement with the Public Investment Fund for the establishment of a new vehicle company." We will focus on the design and manufacturing of electric vehicles in the Kingdom and will enrich the company with the experiences we have gained at Foxconn.