PIF and Foxconn to form a joint venture.

Public Investment Fund, the sovereign wealth fund of Saudi Arabia, and Foxconn, an electronics contract manufacturer, agreed to form a joint venture. Financial terms were not disclosed. "Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles," PIF.