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Home » CEER Signs $2.2bn Deal with Hyundai for EV Drive Systems

CEER Signs $2.2bn Deal with Hyundai for EV Drive Systems

by Madaline Dunn

Saudi Arabia’s PIF-owned electric vehicle (EV) brand and original equipment manufacturer (OEM), Ceer, recently signed a SAR 8.2 billion (USD 2.18 billion) partnership with Hyundai Transys for the supply of EV Drive Systems (EDS) for its vehicles.

It was shared that Hyundai Transys’s integrated EDS is a three-in-one system that combines a motor required to drive the EV, an inverter, and a reduction gear, which converts power to control the motor’s torque.

The signing ceremony was attended by key executives, including HYUNDAI TRANSYS CEO Steve Yeo, Ceer CEO James DeLuca, Ceer Chief Purchasing Officer (CPO) Johnny Saldanha and Ceer Chief Technical Officer (CTO) Markus Leitner.

“This landmark partnership is another step forward in our mission to ignite the Saudi automotive sector. In this journey, we are delighted to partner with Hyundai Transys, who join our list of globally leading partners, allowing us to integrate this cutting-edge EDS technology in our world-class electric vehicles,” commented Ceer CEO James DeLuca.

Steve Yeo, CEO of Hyundai Transys, added: “With this agreement, we are confident of the success of this project through closer cooperation between our two companies and we look forward to developing this relationship further for a long-term partnership.”

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