Ceer Signs 16 MoUs Worth SAR 3.7 Billion to Boost Saudi EV Localization to 45% by 2034
Saudi EV brand Ceer signed 16 agreements worth over SAR 3.7 billion at the PIF Private Sector Forum, targeting 45% local sourcing of vehicle components by 2034.
SAR 3.7 billion
45%
30,000
What Happened
Ceer, Saudi Arabia's first EV brand, signed 16 memorandums of understanding (MoUs) with local and international suppliers at the 4th PIF Private Sector Forum. The agreements, valued at over SAR 3.7 billion, cover components such as coolants, brake fluids, steel body shop equipment, and glazing. This builds on SAR 5.5 billion in agreements from last year's forum.
“These agreements are a cornerstone of CEER's wide and deep localization strategy, which targets sourcing 45% of vehicle materials and components from Saudi companies by 2034.”
45%of vehicle materials and compone
by 2034
Why this matters
These agreements build a domestic supply chain for Ceer's EVs, create thousands of jobs, and support Saudi Arabia's Vision 2030 economic diversification goals.
Terms in This Story
- MoU
- Memorandum of Understanding, a non-binding agreement outlining the terms of a partnership.
- OEM
- Original Equipment Manufacturer, a company that produces parts or vehicles for other brands or sells under its own name.
- Localization
- Strategy to source materials and components from domestic suppliers rather than importing them.
- Vision 2030
- Saudi Arabia's strategic plan to diversify its economy and reduce dependence on oil.
Summarised from the linked release; details can be imperfect — always verify against the original source.