Saudi first electric vehicle (EV) manufacturer Ceer partnered with Croatia’s Rimac Technology to supply high-performance electric drive systems, bne IntelliNews reported.
Saudi Arabia has been working on EV production for several years. In August 2024, it invested in US electric vehicle maker Lucid Motors through the Public Investment Fund (PIF). The latest deal comes amid expectations of growth in the Saudi EV market. Ceer CEO James DeLuca stated at the signing ceremony in Croatia:
We are delighted to be the first company and large-scale project in the GCC to partner with Rimac Technology in order to equip Ceer flagship vehicles with the most advanced high-performance electric drive systems.
The partnership represented Rimac’s expansion from limited-volume projects to large-scale production, Rimac’s founder Mate Rimac said.
This year alone, we’ve announced several key partnerships, including with the BMW Group and Ceer, which will result in the production of tens of thousands of electric drive systems.
Ceer, a joint venture between Saudi PIF and Foxconn, plans to develop and manufacture EVs for markets in the Middle East and North Africa. The company is expected to attract more than $150m in foreign direct investment and contribute $8bn to Saudi Arabia’s GDP by 2034.
