{"id":84881,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/06\/13\/saudi-ev-maker-ceer-inks-usd-2-2-bn-supply-agreement-with-hyundai-transys\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"saudi-ev-maker-ceer-inks-usd-2-2-bn-supply-agreement-with-hyundai-transys","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/06\/13\/saudi-ev-maker-ceer-inks-usd-2-2-bn-supply-agreement-with-hyundai-transys\/","title":{"rendered":"Saudi EV maker Ceer inks USD 2.2 bn supply agreement with Hyundai Transys"},"content":{"rendered":"

Ceer lines up more EV component suppliers: <\/strong>KSA\u2019s EV company Ceer has 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<\/a> and here<\/a>). <\/p>\n

The details: <\/strong>Ceer will install the integrated drive systems in its entire EVs lineup including 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.<\/p>\n

What is EDS? <\/strong>Unlike typical EDS \u2014 which is made up of separated motors, inverters, and reduction gears \u2014 the Hyundai Transys\u2019 EDS is an integrated 3-in-1 system that combines the EV\u2019s 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. <\/p>\n

Not <\/strong>Ceer\u2019s<\/strong> first partnership with Hyundai:<\/strong> Hyundai Kefico \u2014 another subsidiary of Hyundai \u2014 signed a KRW 250 bn (c. USD 196 mn) agreement to supply spare parts to Ceer<\/a> last August. Under the agreement, Hyundai Kefico will supply Ceer with vehicle control units \u2014 the travel computers which realize the control decisions of electric vehicles \u2014 and EV traction inverters, which transform direct current supply from EV batteries into an alternating current output.<\/p>\n

Ceer\u2019s EV complex is also underway:<\/strong> The company awarded a SAR 5 bn (USD 1.3 bn) construction contract<\/a> for its electric vehicle complex to local contractor Modern Building Leaders in March. The complex is set to be completed in two years with an estimated capacity of multiples of 100k vehicles.<\/p>\n

About Ceer: <\/strong>Ceer \u2014 a JV between the Public Investment Fund and Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company (Foxconn) \u2014 launched in 2022<\/a> as KSA\u2019s first national electric vehicle brand. The EV company 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\u2019s EVs are expected to hit the market in 2025. It will license component technology from BMW in the development process.<\/p>\n","protected":false},"excerpt":{"rendered":"

The contract is the the first by Hyundai Transys for a global automaker<\/p>\n","protected":false},"author":1,"featured_media":84882,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[103],"tags":[357,102,11,64,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-electric-vehicles","tag-ceer","tag-electric-vehicles","tag-enterpriseclimate","tag-evs","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"0fd758d2-b30f-4961-afed-125c03938942","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1257.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi 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