Saudi Enters Electric Vehicles with Foxconn

Foxconn, the Taiwan-based company has partnered with Saudi Arabia to build electric vehicles. The new EV brand will license component technology from BMW. That's according to Saudi Arabia's public investment fund. The move is part of an effort to create an industrial sector that Crown Prince Mohammed bin Salman hopes will diversify his economy away from oil. The two sides said the new company will develop sedans and sport utility vehicles with the goal of delivering its first cars in 2025.