{"id":87144,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/13\/ceer-to-get-south-korean-technology-to-power-up-evs\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"ceer-to-get-south-korean-technology-to-power-up-evs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/13\/ceer-to-get-south-korean-technology-to-power-up-evs\/","title":{"rendered":"Ceer to get South Korean technology to power up EVs"},"content":{"rendered":"

Ceer inked a SAR 8.2 bn (c. USD 2.2 bn) contract with global auto parts maker Hyundai <\/strong>Transys to supply advanced EV drive systems (EDS) for its vehicles<\/strong>, according to two separate statements (here<\/a> and here<\/a>). Ceer \u2014 the Kingdom\u2019s first electric vehicle brand \u2014 will install the integrated drive systems in all of its EVs lineup, which includes 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

About Ceer: <\/strong>The national electric vehicle brand is a JV between the Public Investment Fund and Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company, or Foxconn. Launched in 2022<\/a> by Crown Prince Mohammed bin Salman, Ceer 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

It\u2019s been an eventful year for Ceer: <\/strong>The company awarded in March<\/a> a SAR 5 bn (USD 1.3 bn) construction contract for its electric vehicle complex to local contractor Modern Building Leaders. It expects to complete works at its electric vehicle complex \u201cwithin two years,\u201d according to company officials<\/a> who estimated production capacity in the multiples of 100k of vehicles.<\/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":87145,"comment_status":"","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":[2651],"tags":[2467,1408,10,218,2852,2187,2700,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-ceer","tag-enterpriseam-ksa","tag-evs","tag-hyundai","tag-hyundai-transys","tag-lucid","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"f2e173b0-9362-472e-b01d-b5071d4c291e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1211.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ceer seals USD 2.2 bn contract to power its EVs with Hyundai Transys\u2019 electric vehicle drive systems","related_issue":[87137],"teaser":"The contract is the the first by Hyundai Transys for a global automaker","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.09534c48-2af0-466c-82bc-fa7f878ecf14.mp3"},"yoast_head":"\nCeer to get South Korean technology to power up EVs - 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