Saudi Arabia’s Ceer has launched its first two electric vehicles and plans to introduce five additional models by 2030. Backed by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, Ceer says some future vehicles will be hybrids and gas-powered cars, according to CEO Jim DeLuca in comments to Reuters. The company faces competition from Tesla and Chinese automakers, while also contending with established electric-vehicle brands including Rivian and Lucid. The analysis says the Public Investment Fund may need to support Ceer over many years with billions, potentially tens of billions, of dollars for the company to gain meaningful global market share.