Sustainable mobility: Saudi Arabia’s Ceer signs $2.2 billion deal with Hyundai to power its EVs
The inaugural lineup of Ceer EVs is slated for release in 2025
Dubai: Ceer, Saudi Arabia’s electric vehicle (EV) brand, is set to leverage Hyundai technology to propel its cars forward, as the country solidifies its position in the burgeoning EV market.
Saudi EV manufacturer has inked a $2.2 billion (Dh8 billion) deal with Hyundai Transys of South Korea to provide cutting-edge EV drive systems (EDS).
These advanced EDS units integrate a three-in-one system, housing the motor essential for propelling the EV, an inverter, and a reduction gear that converts power to finely control the motor's torque, as detailed in Ceer's official statement.
The adoption of Hyundai's EDS promises a substantial reduction in size and weight while amplifying power efficiency. This is poised to streamline EV design processes and bolster cost competitiveness.
Earlier in March, Ceer had awarded a $1 billion (Dh4.7 billion) contract to a manufacturing complex in King Abdullah Economic City.
Ceer, a joint venture between Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and Taiwan’s Foxconn, is slated to produce and distribute a diverse array of EVs tailored for consumers in Saudi Arabia and the broader Middle East and North Africa region, encompassing sedans and sports utility vehicles.
The inaugural lineup of Ceer EVs is slated for release in 2025, marking a significant milestone in Saudi Arabia's journey towards sustainable mobility.