# Saudi Arabia Launches EV Startup

> Saudi Arabia's new EV company targets Tesla with five models by 2030.
- Title: Saudi Arabia Launches EV Startup · 24/7 Wall St. | Shortify
- Summary: Saudi Arabia's new EV company targets Tesla with five models by 2030. Saudi Arabia's Ceer, backed by the Public Investment Fund, plans five EV models by 2030…
- Keywords: saudi arabia, ceer, public investment fund, tesla, 2030, sovereign wealth fund, chinese manufacturers, Saudi, Arabia, Launches, Startup, 24/7 Wall St.
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/09/22/saudi-arabia-plans-to-compete-with-tesla
- Author: Douglas A. McIntyre
- Published: 2026-09-22T19:24:59+00:00
- Read time: 1 min
- Topics: saudi arabia, ceer, public investment fund, tesla, ev, 2030, sovereign wealth fund, chinese manufacturers
## Saudi Arabia Unveils EV Models
Saudi Arabia's new EV startup Ceer has launched its first two vehicles and plans five more by 2030.
## Public Investment Fund Backs Ceer
Ceer receives funding from Saudi Arabia's sovereign wealth fund, the Public Investment Fund, one of the world's largest such funds.
## Ceer CEO Plans Hybrid Models
Ceer CEO Jim DeLuca stated some models will be hybrids and gas-powered cars to hedge bets.

> Some of its models will be hybrids and gas-powered cars.
## Tesla Faces Competition
Tesla, the world's premier EV brand, has recently seen faltering sales but is in a turnaround.
## Chinese EVs Blocked in US
Chinese EVs face high tariffs that block them from the US market.
## Public Investment Fund Needs Long-Term Investment
The Public Investment Fund will need to invest billions, if not tens of billions, of dollars to succeed.
## Key takeaway

Saudi Arabia's Ceer, backed by the Public Investment Fund, plans five EV models by 2030 to compete with Tesla and Chinese automakers.