Saudi Arabia’s pioneering electric vehicle brand, Ceer, has secured a significant SR8.2 billion ($2.18 billion) agreement with Hyundai Transys, a South Korean company, to supply “EV Drive Systems” for its vehicles.

Ceer announced in a press release that Hyundai Transys’ integrated Electric Drive System (EDS) is a groundbreaking three-in-one solution that combines a propulsion motor, an inverter, and a reduction gear. This innovative system minimizes power loss typically associated with separate components and optimizes vehicle space configuration.

James DeLuca, CEO of Ceer, hailed the partnership as a crucial step forward for the Saudi automotive sector. He expressed enthusiasm for integrating Hyundai Transys’ advanced EDS technology into Ceer’s electric vehicles, which will enhance Ceer’s standing as a global leader in the EV market.

Ceer highlighted that this advanced EDS system will not only reduce vehicle size and weight but also improve power efficiency, streamline the EV design process, and enhance cost competitiveness.

Steve Yeo, CEO of Hyundai Transys, shared DeLuca’s optimism, expressing confidence in the project’s success and anticipating a prosperous long-term partnership between the two companies.

Ceer, launched in November 2022 by Saudi Arabia’s Crown Prince Mohammed bin Salman, is the Kingdom’s first EV brand. A joint venture between the Public Investment Fund and Foxconn, Ceer utilizes BMW’s licensed component technology in its vehicle development process.

According to Saudi Arabia’s Ministry of Industry and Mineral Resources, Ceer is expected to contribute SR30 billion to the Kingdom’s GDP by 2034. Additionally, the ministry projects that Ceer’s factory will attract over SR562 million in foreign direct investment and create up to 30,000 direct and indirect jobs, further underscoring its importance in driving economic growth and job creation in the Kingdom.

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