THE CRUNCH
Saudi Arabia has launched its first domestic automaker, Ceer, a joint venture between the country's Public Investment Fund and Foxconn. The new company, which means 'to drive forward' in Arabic, is a key component of the Kingdom's Vision 2030 plan to diversify its economy away from oil. The venture has unveiled two concept vehicles, the Exobot sedan and SUV, to demonstrate its manufacturing capabilities. Ceer plans a
portfolio of seven new cars by 2030, including some hybrid models. The company is currently focused on the Gulf Cooperation Council region but aims to build a competitive, world-class product with the potential for international expansion if demand proves sufficient.