Saudi sovereign wealth fund will cooperate with Foxconn Technology Group to produce electric vehicles, which is part of Saudi Crown Prince Mohammed's efforts to build an industrial sector. Ceer, a joint venture company, will manufacture electric vehicles in Saudi Arabia with the goal of first delivery in 2025. This will be the first Saudi automobile brand to produce electric vehicles in Saudi Arabia, and it is estimated that it will contribute $8 billion in GDP to Saudi Arabia by 2034.

This cooperation can be seen from the following aspects:

First of all, this is part of the industrial sector built by Saudi Crown Prince Mohammed, which shows his determination to develop the Saudi economy. He hopes that this department can make Saudi economy get rid of its dependence on oil and realize economic diversification.

Secondly, this is a step for Foxconn Technology Group to expand its influence in the world's largest electric vehicle market. Through cooperation with Saudi Arabia, Foxconn can enhance its influence and competitiveness in the electric vehicle manufacturing industry.

Finally, this cooperation will also have an important impact on the global electric vehicle market. Saudi Arabia is one of the largest oil exporters in the world, and its competition to join the electric vehicle market will have a far-reaching impact on the global electric vehicle supply chain.

Generally speaking, this is a landmark cooperation, which will not only promote the industrial development of Saudi Arabia, but also have an important impact on the global electric vehicle market.