Saudi electric vehicle brand Ceer has signed 16 deals worth a combined 3.7 billion riyals ($986.6 million) to localise EV manufacturing in the Gulf country, Saudi state news agency SPA reported on Monday without disclosing any further detail.
Ceer is a joint venture between Saudi's sovereign wealth fund and Foxconn TWSE:2354.
($1 = 3.7502 riyals)