Saudi Arabia · Tesla · Taiwan · Rest of World
Awkward: Saudi Arabia’s new EV brand takes on the U.S. rival it already controls
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Saudi Arabia’s first homegrown electric-vehicle maker is set to take on a U.S. rival the kingdom already controls.
Key facts
- Little in the Middle East and North Africa, puts the figure at 35,000 to 40,000 EVs in 2025, not counting plug-in hybrids
- In Saudi Arabia, Lucid’s sales fell 57% in the first seven months of 2026, while BYD’s rose 369%, according to estimates from Focus2Move, a Rome-based firm that tracks car sales in more than 150
- Ceer Motors, majority-owned by the sovereign Public Investment Fund, revealed two electric car models on September 21, with deliveries promised for March 2027
- It bought about 5% of Tesla in 2018 and sold almost all of it by the end of 2019
Summary
Ceer Motors, majority-owned by the sovereign Public Investment Fund, revealed two electric car models on September 21, with deliveries promised for March 2027. This is the PIF’s third EV bet. For the U.S., Ceer’s debut sets up an awkward rivalry: Saudi Arabia is building its own EV brand while its sovereign wealth fund owns a majority stake in Lucid, whose main factory is in Arizona. “Lucid is an existing global technology and luxury-EV company in which Saudi Arabia has invested heavily,” Bill Russo, founder and CEO of Shanghai-based consulting firm Automobility, told Rest of World.