From 24/7 Wall St. · Douglas A. McIntyre · · 1m 10s
Saudi Arabia Launches EV Startup
Saudi Arabia's new EV company targets Tesla with five models by 2030.
In brief
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 to compete with Tesla and Chinese automakers. Originally reported by 24/7 Wall St..
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.
The main idea
Saudi Arabia's Ceer, backed by the Public Investment Fund, plans five EV models by 2030 to compete with Tesla and Chinese automakers.
