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Ceer inked a SAR 8.2 bn (c. USD 2.2 bn) contract with global auto parts maker Hyundai Transys to supply advanced EV drive systems (EDS) for its vehicles, according to two separate statements (here and here). Ceer — the Kingdom’s first electric vehicle brand — will install the integrated drive systems in all of its EVs lineup, which includes SUVs, sedans and coupe models. The contract marks the first by Hyundai Transys for a global automaker. Hyundai Transys is a unit of South Korean automobile giant Hyundai Motor Group.
What is EDS? Unlike typical EDS — which is made up of separated motors, inverters, and reduction gears — the Hyundai Transys’ EDS is an integrated 3-in-1 system that combines the EV’s motor, inverter, and the reduction gear. This system is smaller, lighter, and more power efficient than traditional ones, making it easier for EV manufacturers to design their vehicles and cut costs.
About Ceer: The national electric vehicle brand is a JV between the Public Investment Fund and Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company, or Foxconn. Launched in 2022 by Crown Prince Mohammed bin Salman, Ceer is expected to contribute USD 8 bn to GDP by 2034 and to be a magnet for more than USD 150 mn in foreign direct investment. Ceer’s EVs are expected to hit the market in 2025. It will license component technology from BMW in the development process.
It’s been an eventful year for Ceer: The company awarded in March a SAR 5 bn (USD 1.3 bn) construction contract for its electric vehicle complex to local contractor Modern Building Leaders. It expects to complete works at its electric vehicle complex “within two years,” according to company officials who estimated production capacity in the multiples of 100k of vehicles.
