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AUTOMOTIVE SECTOR BOOST

Saudi EV brand Ceer inks $2.2bn Hyundai EDS supply contract

RIYADH, June 13, 2024

Ceer, Saudi Arabia’s first electric vehicle (EV) brand and original equipment manufacturer (OEM) said it has signed a SAR8.2 billion ($2.18 billion) partnership with Hyundai Transys for the supply of innovative Electric Vehicle Drive Systems (EDS) for its vehicles.
 
A joint venture between Saudi sovereign wealth fund PIF and Foxconn, a Taiwanese multinational electronics contract manufacturer, Ceer was set up in 2022 to support the electric vehicle sector, aligned with Saudi Vision 2030 aspirations for economic diversification, carbon emission reduction, and sustainable development. 
 
Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia. It will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the wider region with licensed component technology from BMW, including sedans and sports utility vehicles at its plant.
 
Spanning over a 1-million-sq-m area, the new Ceer Electric Vehicle Manufacturing Complex in Saudi Arabia will boast dedicated zones for every stage of vehicle production, including a press shop, body shop, paint shop, and general assembly. 
 
"This landmark partnership is another step forward in our mission to ignite the Saudi automotive sector. In this journey, we are delighted to partner with Hyundai Transys, who join our list of globally leading partners, allowing us to integrate this cutting-edge EDS technology in our world-class electric vehicles," said Ceer CEO James DeLuca.
 
Unlike typical EDS, which comprise separate motors, inverters, and reduction gears, resulting in power loss between connecting cables and limitations in vehicle space configuration, Hyundai Transys’s integrated EDS is a three-in-one system that combines a motor required to drive the EV, an inverter, and a reduction gear, which converts power to control the motor’s torque.
 
"With this agreement, we are confident of the success of this project through closer cooperation between our two companies and we look forward to developing this relationship further for a long-term partnership," said Steve Yeo, CEO of Hyundai Transys.
 
This advanced system significantly reduces size and weight while enhancing power efficiency, thereby streamlining the EV design process and boosting cost competitiveness.-TradeArabia News Service
 



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