Riyadh - Sharikat Mubasher: Saudi electric vehicle (EV) brand CEER and FEV, a global innovation driver in the mobility sector, signed a memorandum of understanding (MoU) during the PIF Private Sector Forum 2026 to strengthen their strategic partnership.

Under the MoU, both parties will leverage their combined expertise to drive technological development, enhance local capabilities, and support the long-term development of the Saudi automotive and mobility ecosystem, according to the official statement released yesterday.

The agreement sets a framework for cooperation focused on innovation, industrial development, and knowledge transfer, and supports CEER’s EV program and Vision 2030’s objectives.

Mayank Agochiya, President of FEV Asia, stated that the MoU represents a significant step in the company’s commitment to fostering innovation and industrial growth in the Kingdom. “By partnering with CEER, we will combine our global expertise in automotive engineering and electrification with our partner’s vision for Saudi Arabia’s electric mobility future. Together, we will develop advanced technologies, strengthen local capabilities, and contribute to a competitive and sustainable automotive ecosystem.”

In turn, Jim De Luca, CEO of CEER, said: "2026 is the year of CEER. We will reveal our first flagship models, visionary design, breakthrough technology, exhilarating performance, built for this region. This moment is more than a reveal; it is the start of a new era."

During the fourth edition of the PIF Private Sector Forum, CEER concluded 16 agreements worth over SAR 307 billion to fuel the local automotive industry in Saudi Arabia.

The PIF-owned company plans to begin manufacturing its first full-size vehicle in the fourth quarter (Q4) of 2026, after opening its manufacturing facility in King Abdullah Economic City (KAEC).