Foxconn has partnered with Saudi Arabia to produce electric cars for delivery by 2025, taking Terry Guo’s car-making dreams a step further

The Wall Street journal on November 3, the Saudi sovereign wealth funds (PIF) will cooperate with Foxconn technology group to produce electric cars, this is Saudi Arabia’s crown prince Mohammed Bin Salman part of an effort to build industrial sector, Salman hope that the department makes the Saudi economy out of its dependence on oil, achieve diversification, Salman currently serves as chairman of Saudi Arabia’s sovereign wealth fund.

The two sides will set up a joint venture to create an electric car brand called Ceer, which will license BMW’s component technology to build cars. The two sides also said in a joint statement that Foxconn will develop in-car electronics with infotainment, connectivity and autonomous driving technologies.
Ceer will develop sedans and sport utility vehicles for the mass market, with the goal of first delivery in 2025, the two sides said.
Foxconn is famous for manufacturing for Apple and has abundant manufacturing resources in the industrial chain in the era of PC and smartphone. Now, as the smartphone market shrinks, Foxconn is under increasing pressure, and its focus on contract manufacturing of new energy vehicles is a way for it to find new spots elsewhere.
In 2020, Foxconn set up joint ventures with Fiat Chrysler (FCA) and Yulon Automobile respectively, and in 2021, it set up joint ventures with Geely Holding for contract manufacturing. In addition, it once signed a contract manufacturing cooperation agreement with Byton Automobile, which has been bankrupt and restructured.

On October 18th Hon Hai, Foxconn’s parent company, held a technology day to unveil two new models, the hatchback ModelB and the electric pickup ModelV, as well as the production ModelC. Together with the luxury sedan ModelE and electric bus ModelT, which were unveiled at last year’s Technology Day, Foxconn already has five models in its EV lineup, spanning SUVs, cars, buses and pickups. Foxconn said, however, that these models are not aimed at the C-end of the consumer market, but will be used as prototypes for brand customers.
This nearly a year, Foxconn founder terry Gou platform in person, purchase, investment and cooperation more than ten electric vehicle program, layout from China widened to Indonesia, the Middle East, investments from the vehicle to intelligent battery materials, and then to the cockpit, and Foxconn is by buying gm’s old factory, has the first automobile factory.