Saudi Arabia's sovereign wealth fund is backing a new electric vehicle brand, Ceer Motors, according to Rest of World. The fund already controls Lucid, the U.S. EV maker, and now Ceer is set to compete directly with it, as well as with Chinese rivals.
The situation is awkward: the same state-backed investor will be on both sides of the market, owning one carmaker while promoting another that targets similar customers. Rest of World notes that the new EV will take on the U.S. rival the fund already controls.
No further details about Ceer's models or launch timeline were included in the source, but the competitive overlap is clear. The move highlights how state investment funds are increasingly willing to back competing ventures in the same sector.