Apple supplier Foxconn partners with Saudi wealth fund to build EVs

NEW YORK -- Taiwanese tech group Hon Hai Precision Industry has partnered with Saudi Arabia's sovereign wealth fund to build electric vehicles, a boost to Crown Prince Mohammed bin Salman's push to diversify the kingdom's economy. 

The new brand, Ceer, will license component technology from BMW, and design and manufacture vehicles in Saudi Arabia for consumers in the Middle East and North Africa region, according to an announcement by the Saudi Public Investment Fund on Thursday. The plan is to roll out the first Ceer vehicles in 2025.