Ceer Signs SAR 3.7 Billion in Deals at PIF Forum, Targets 45% Saudi Localization by 2034

Saudi Arabia's first electric vehicle brand Ceer has taken a monumental leap toward building a comprehensive automotive ecosystem, signing 16 commercial agreements worth over SAR 3.7 billion at the recent PIF Private Sector Forum. This massive investment directly targets sourcing 45% of vehicle materials and components from Saudi companies by 2034, moving the Kingdom far beyond simple assembly into true manufacturing.

A SAR 3.7 Billion Bet on Localization

The deals, signed at the 4th PIF Private Sector Forum held from February 9-11, 2026, represent a cornerstone of Ceer's aggressive localization strategy. Building on SAR 5.5 billion in agreements from the previous year, this fresh capital injection covers a wide range of essential components needed for modern EV production.

Here's the breakdown: the agreements cover advanced chemical compounds, heavy steel body shop equipment, windshield washer fluid, specialized EV coolants, forklift supply, and brake fluids. This isn't just about buying parts—it's about building a sustainable, high-tech industrial base from the ground up.

Key Saudi partners include Abdul Latif Jameel (ALJ) for washer fluids and coolants, Zamil Trade & Services, and Zamil Plastics for brake fluid. The goal is clear: empower Saudi companies to become global suppliers.

CEO James DeLuca's Vision for a Saudi EV Hub

Ceer CEO James DeLuca left no doubt about the strategic importance of these deals. "These agreements are a cornerstone of CEER's wide and deep localization strategy, which targets sourcing 45% of vehicle materials and components from Saudi companies by 2034," he stated.

But that's not all. DeLuca emphasized this goes far beyond assembly lines. "Our approach goes beyond mere assembly, we are utilizing local raw materials and empowering Saudi companies to become global suppliers, directly contributing to Vision 2030’s mission to diversify the national automotive industry and drive sustainable economic growth."

The second part of his statement reveals the broader ecosystem vision: "These agreements represent a major step in building a comprehensive automotive ecosystem in the Kingdom. By using local materials and resources, attracting advanced technology and foreign investment, and localizing the production of heavy and labor-intensive components, we aim to reduce CO2 emissions and create meaningful job opportunities for Saudi nationals."

The GCC Impact: What This Means for Car Buyers

For consumers across the GCC, this isn't just industrial news—it has real implications for the future car market. Local production at this scale promises several key benefits:

First, reduced costs. By localizing heavy and complex components, Ceer can potentially offer more competitive pricing compared to fully imported EVs from brands like Tesla, Lucid, or BYD. Lower logistics and customs costs could translate to better value for Saudi and GCC buyers.

Second, faster availability. With a robust local supply chain, Ceer can respond more quickly to market demand and potentially offer better after-sales support with locally available parts.

Third, economic alignment. Buying a Ceer EV becomes an investment in the regional economy, supporting the 30,000 direct and indirect jobs the brand aims to create and its projected $8 billion contribution to Saudi GDP by 2034.

Seven New EVs and a $1.3 Billion Factory

The timing of these agreements is crucial. They provide the supply chain foundation for Ceer's ambitious product rollout: seven new electric vehicle models over the next five years.

The first model reveal is expected in early 2026, with production commencing in late 2026 at the massive Ceer Manufacturing Complex in King Abdullah Economic City.

Here are the key facts about Ceer's manufacturing muscle:

• Plant investment: $1.3 billion
• Annual capacity: 240,000 vehicles
• Technology partners: Joint venture between Saudi Arabia's Public Investment Fund (PIF) and Foxconn, with BMW providing component technology
• Strategic location: King Abdullah Economic City, positioning Saudi Arabia as a potential EV export hub

How Ceer Fits Into Saudi Arabia's Broader EV Push

This news comes amid a transformative period for Saudi Arabia's automotive sector. The Kingdom isn't just building one brand—it's building an entire industry. Consider the context:

Ceer's SAR 3.7 billion in new deals follows a SAR 8.2 billion agreement with Hyundai Transys in 2024 for chassis production. Together with Lucid Motors' full-scale production facility aiming for 150,000 cars annually, Saudi Arabia is rapidly becoming a serious player in global EV manufacturing.

The numbers tell the story: Roland Berger's recent report showed GCC EV adoption doubling to 4%, making it one of the world's fastest-growing EV markets. Saudi Arabia's localization push positions Ceer perfectly to capture this burgeoning demand with competitively priced, locally assembled vehicles.

The Road Ahead: First Reveal Coming Soon

With supply chain agreements now secured, all eyes turn to Ceer's product unveiling. The first model reveal in early 2026 will give GCC consumers their first look at what Saudi EV engineering can deliver.

The late 2026 production start means showroom arrivals could happen by early 2027, potentially revolutionizing the GCC EV landscape. Will Ceer compete directly with the Tesla Model 3, BYD Seal, and Lucid Air on price and specs? The localization strategy suggests they might have a significant cost advantage.

For now, the message is clear: Saudi Arabia is building an automotive future that goes far beyond oil. With SAR 3.7 billion in new investments targeting 45% localization by 2034, Ceer is laying the foundation for a sustainable, technologically advanced automotive industry that could reshape the entire GCC car market.

Source: Ceer Motors, Zawya, AGBI