An electric-car brand backed by Saudi Arabia’s sovereign wealth fund is about to square off against another company that same fund has spent billions on.
Ceer Motors showed off two models in late September, with first deliveries slated for March 2027. Both were designed and engineered locally and will roll out of a factory in King Abdullah Economic City, north of Jeddah. The business is a joint venture between the Public Investment Fund, which holds the majority, and Taiwan’s Foxconn, formed in November 2022.
The launch sets up an awkward contest. The PIF owns about 58% of California-based Lucid and has put roughly $8B into it, yet Lucid has never turned a profit. Its shares have slumped more than 60% this year, and its Saudi sales fell 57% in the first seven months of 2026 while China’s BYD surged 369%.
The first Ceer cars – an Exobot sedan and an SUV – target the premium tier, the same ground Lucid covers with its Air and Gravity. Top Exobot trims claim over 1,100 horsepower, just shy of Lucid’s quickest model. No pricing has been released, and Ceer wants roughly half of each car’s parts made in-country by 2034.
Analysts frame Ceer as a hedge against Lucid’s weakness and a bid to build an indigenous automotive supply chain. The real test will come as the range widens beyond premium models.
