Hyundai Transys, a components subsidiary of Hyundai Motor Group, announced it had signed a 10 year contract to supply its integrated Electric Drive System (EDS) to Ceer Motors, a newly-established battery electric vehicle (BEV) manufacturer based in Saudi Arabia.
Hyundai Transys, which makes transmission systems for internal combustion engine (ICE) and electric vehicles, axles and seats, said the KRW3trn (US$2.2bn) contract would begin in 2027.
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The company claimed its integrated battery electric vehicle (BEV) drive system, which includes the drive motor, inverter and reduction gears, was smaller and lighter than conventional BEV drivetrains while providing “excellent power efficiency”.
It had increased its focus on “electrification” components to tap into the segment’s strong global growth potential.
Ceer was established by the Saudi Public Investment Fund (PIF) in 2022, with the aims of producing 500,000 BEVs per year by 2030, for sale across the Middle East.
The Saudi government had set a target for BEVs to account for 30% of total car sales in cities such as Riyadh by 2030 while only BEVs will be allowed to operate in NEOM, a major new development scheduled to be completed in 2030.
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By GlobalDataHyundai Transys said its integrated EDS would be used in all models Ceer produced, including sports utility vehicles (SUVs), sedans, and coupes.
