Saudi-Manufacturing on SAUDI VISION 2030 Intelligence Platform

Ceer Motors: PIF-Foxconn Saudi EV factory and market reality

Tue, 26 May 2026 00:00:00 +0000

Ceer Motors is Saudi Arabia’s first electric vehicle brand and original equipment manufacturer, launched in 2022 as a joint venture between the Public Investment Fund and Hon Hai Precision Industry Co., better known as Foxconn. The company is intended to design, manufacture, and sell electric sedans and SUVs for Saudi Arabia and the MENA region, using BMW-licensed component technology and Foxconn electrical architecture [S1]. The confirmed factory asset is the Ceer Electric Vehicle Manufacturing Complex in King Abdullah Economic City, where PIF says Ceer awarded a SAR 5 billion construction contract to Modern Building Leaders for a site of more than 1 million square meters with 530,000 square meters under roof [S2]. The current public target is vehicle production in the fourth quarter of 2026 [S4], [S5].

Lucid and PIF: Saudi EV investment, factory, ownership, and strategic risk

Tue, 26 May 2026 00:00:00 +0000

Lucidfunding searchers are usually asking two different questions: how Lucid Group is funded, and whether retail car-financing offers affect who owns Lucid. They do not. As of the latest reviewed ownership filing, PIF affiliate Ayar Third Investment Company was Lucid’s controlling shareholder, and PIF/Ayar beneficial ownership was reported at about 56.85 percent on the filing’s stated basis [S3]. In April 2026, Lucid announced a capital raise that included $550 million of convertible preferred stock issued to Ayar, $300 million of common stock proceeds, $200 million from Uber, and a $500 million increase to the PIF-provided delayed draw term loan [S1]. Lucid is made in Arizona and Saudi Arabia, but not every Lucid is Saudi-made [S2], [S7].