Ceer and Hyundai Transys Sign $2 Billion Deal for EV Drive Systems
Ceer, Saudi Arabia’s pioneering electric vehicle brand, has signed a significant one dollar 2.18 billion deal with Hyundai Transys of South Korea to supply EV drive systems. The agreement features Hyundai Transys’ integrated Electric Drive System, enhancing efficiency and space configuration. The partnership is expected to boost Saudi Arabia’s GDP by SR30 billion by 2034 and create up to 30,000 jobs.
Ceer, Saudi Arabia’s pioneering electric vehicle brand, has signed a significant SR8.2 billion (one dollar 2.18 billion) deal with Hyundai Transys of South Korea to supply EV drive systems.
The agreement features Hyundai Transys’ integrated Electric Drive System, a three-in-one solution that includes a motor, inverter, and reduction gear, enhancing efficiency and space configuration.
Launched in November 2022 by Crown Prince Mohammed bin Salman, Ceer is a joint venture between the Public Investment Fund and Foxconn, using BMW’s licensed component technology.
The partnership is expected to boost Saudi Arabia’s GDP by SR30 billion by 2034, attract over SR562 million in foreign direct investment, and create up to 30,000 jobs.
The agreement features Hyundai Transys’ integrated Electric Drive System, a three-in-one solution that includes a motor, inverter, and reduction gear, enhancing efficiency and space configuration.
Launched in November 2022 by Crown Prince Mohammed bin Salman, Ceer is a joint venture between the Public Investment Fund and Foxconn, using BMW’s licensed component technology.
The partnership is expected to boost Saudi Arabia’s GDP by SR30 billion by 2034, attract over SR562 million in foreign direct investment, and create up to 30,000 jobs.
Translation:
Translated by AI
