The fund has already invested in the Lucid Group, an electric-vehicle maker with plans to set up a factory in the kingdom. Saudi Arabia’s sovereign-wealth fund is partnering with the biggest assembler of Apple Inc. iPhones to manufactur electric vehicles, part of an effort to create an industrial sector that Crown Prince Mohammed bin Salman hopes can diversify his economy away from oil. The Public Investment Fund said Thursday it entered a joint venture with Taiwan-based Foxconn Technology Group to establish an electric-vehicle brand, called Ceer, that will license component technology from BMW to build cars. Foxconn, formally known as Hon Hai Precision Industry Co., will develop electronics in the vehicles with “infotainment, connectivity and autonomous driving technologies,” the Saudi fund said in a joint statement with Taiwanese firm.

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