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The contract has a duration of 10 years Obeikan Glass Company said its subsidiary has signed a contract with Public Investment Fund (PIF)-backed Ceer, Saudi Arabia’s first electric vehicle (EV) brand, to manufacture aluminum parts used in automotive manufacturing. The 10-year contract was signed by Saudi Casting Foundry for Aluminum, a 60 percent-owned subsidiary, with Ceer, the company said in a statement to the Saudi stock exchange on Wednesday. The value of the contract was not disclosed and depends on purchase orders. In a separate press statement, Ceer announced 11 new partnerships worth 5.5 billion Saudi riyals (approximately $1.5 billion) at the 3rd PIF Public Sector Forum on Wednesday. Earlier this month, Ceer signed a SAR 543 million ($145 million) collaboration agreement with Italy’s Sabelt to engineer, develop, and produce sports seats for its upcoming flagship E sedan and SUV models. Ceer and Lucid Motors have opened their international manufacturing facilities in KAECs King Salman Automotive Cluster. The cluster also hosts several PIF joint projects with global manufacturers, including South Korea’s Hyundai Motor and Italy’s Pirelli. |
