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Ceer signs $2.2bn deal with Hyundai to power its EVs

Flower, Flower Arrangement, Plant Ceer
Steve Yeo, CEO of Hyundai Transys and James DeLuca, CEO, Ceer signing the electric vehicle drive system supply contract

Ceer, Saudi Arabia’s first electric vehicle brand, will use technology from South Korea’s Hyundai to power its cars, as the kingdom continues to ramp up its presence in the EV market.

The Saudi EV maker has signed a SAR8.2 billion ($2.2 billion) contract with Hyundai Transys to supply EV drive systems (EDS).

The integrated EDS uses 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, Ceer said.

The Hyundai partnership is another step forward to ignite the Saudi automotive sector, said Ceer’s CEO, James DeLuca.

The EDS from Hyundai will significantly reduce size and weight while enhancing power efficiency, Ceer said, and will help to streamline the EV design process and improve cost competitiveness.

Last March Ceer awarded a SAR5 billion contract to construct a manufacturing complex in King Abdullah Economic City.

Ceer is a joint venture between the kingdom’s sovereign wealth fund, the Public Investment Fund, and Taiwan’s Foxconn.

The company will design, manufacture and sell a range of EVs for consumers in Saudi Arabia and the wider Mena region, including sedans and sports utility vehicles.

The first Ceer EVs are scheduled to be available in 2025.

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