PIF-backed Ceer signs SAR 8.2B supply deal with Hyundai Transys

Signing ceremony 

Public Investment Fund (PIF)-backed electric vehicle (EV) manufacturer Ceer signed a SAR 8.2 billion ($2.18 billion) deal with South Korea’s Hyundai Transys for the supply of innovative Electric Vehicle Drive Systems (EDS) for its vehicles.

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, according to a company statement.

“This advanced system significantly reduces size and weight while enhancing power efficiency, thereby streamlining the EV design process and boosting cost competitiveness,” the statement read.

For his part, James DeLuca, CEO of Ceer, said, “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.”

Ceer, Saudi Arabia’s first EV brand, was launched by Crown Prince Mohammed bin Salman in November 2022, Argaam earlier reported.

The company, a joint venture between PIF and Hon Hai Precision Industry Co. (Foxconn), licenses component technology from BMW for use in the vehicle development process. Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving tech.

Ceer vehicles are being designed and manufactured in Saudi Arabia, tested to the highest global automotive quality control and safety standards. Their market rollout is scheduled in 2025.