Saudi Arabia's first electric vehicle manufacturer Ceer has partnered with Croatia's Rimac Technology to supply high-performance electric drive systems for its flagship EV range, on November 11, the companies announced in a press release.

Saudi Arabia has been flirting with electric vehicles for several years, with investment in US electric car manufacturer Lucid Motors in August 2024 via the Public Investment Fund (PIF), which has a manufacturing plant in the country. This latest deal with Croatian Rimac comes as the Saudi EV market is expected to grow by 6% annually until 2030, according to previous projects in Riyadh.

"We are delighted to be the first company and large-scale project in the GCC to partner with Rimac Technology in order to equip Ceer flagship vehicles with the most advanced high performance electric drive systems," said Ceer CEO James DeLuca at the signing ceremony in Croatia.

The partnership represents Rimac's expansion from limited-volume luxury projects to large-scale production.

"This year alone, we've announced several key partnerships, including with the BMW Group and Ceer, which will result in the production of tens of thousands of electric drive systems," said Rimac Group founder Mate Rimac.

Ceer, a joint venture between Saudi Arabia's Public Investment Fund (PIF) and Foxconn, plans to design and manufacture EVs for Saudi and MENA markets.

The company is expected to attract over $150mn in foreign direct investment and contribute $8bn to Saudi Arabia's GDP by 2034.

The Saudi automaker will license component technology from BMW while Foxconn develops the vehicles' electrical architecture, focusing on infotainment, connectivity and autonomous driving technologies.

All vehicles will be manufactured in Saudi Arabia to global quality standards.