iPhone maker Foxconn, Saudi Arabia’s sovereign wealth fund enter EV market with vision to reduce carbon emissions
Shortpedia
Content Team
Image Credit: ommcomnews
iPhone maker Foxconn and Saudi Arabia's sovereign wealth fund have formed a joint venture called 'Ceer' to build and sell electric vehicles. The joint venture will license component technology from BMW to use in the vehicle development process. By 2034, the new company expects to directly contribute $8 billion to Saudi Arabia's GDP, and to bring over $150 million of foreign direct investment.
