Saudi Electric Vehicle Brand Ceer Strikes $2.18 Billion Deal with Hyundai Transys
In a groundbreaking move, Saudi Arabia’s leading electric vehicle brand, Ceer, has finalized a massive SR8.2 billion ($2.18 billion) agreement with Hyundai Transys, a prominent company based in South Korea. The deal involves the supply of cutting-edge “EV Drive Systems” for Ceer vehicles.
Revolutionary Electric Drive System
Ceer announced in a press release that Hyundai Transys’ integrated Electric Drive System (EDS) is a game-changer in the industry. This innovative system combines a motor for propulsion, an inverter, and a reduction gear into a single solution, eliminating power loss and optimizing vehicle space.
CEO James DeLuca Praises Partnership
James DeLuca, CEO of Ceer, lauded the collaboration with Hyundai Transys as a major step forward for the Saudi automotive sector. He expressed excitement about incorporating Hyundai Transys’ advanced EDS technology into Ceer’s electric vehicles, strengthening its position as a global leader in the EV market.
Enhanced Efficiency and Cost Competitiveness
Ceer highlighted that the state-of-the-art EDS system will not only reduce vehicle size and weight but also improve power efficiency, simplify the design process, and enhance cost competitiveness. This development signifies a significant advancement in Ceer’s electric vehicle offerings.
Confidence in Long-Term Partnership
Steve Yeo, CEO of Hyundai Transys, echoed DeLuca’s optimism, expressing confidence in the success of the project and foreseeing a prosperous long-term partnership between the two companies. The collaboration aims to drive innovation and progress in the electric vehicle sector.
Impact on Saudi Economy
Established in November 2022 by Crown Prince Mohammed bin Salman, Ceer is set to make a significant contribution to Saudi Arabia’s GDP, with projections estimating a boost of SR30 billion by 2034. Additionally, the ministry expects Ceer’s factory to attract substantial foreign direct investment and create up to 30,000 direct and indirect jobs, highlighting its role in driving economic growth and job creation in the Kingdom.