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Saudi PIF-backed Ceer Signs USD2.18 Billion Deal With Hyundai Transys

Saudi PIF-backed Ceer Signs USD2.18 Billion Deal With Hyundai Transys

– Ceer, backed by Saudi Arabia’s Public Investment Fund (PIF), has secured a $2.178 billion agreement with Hyundai Transys to supply integrated EV drive systems (EDS) for its vehicles over the next 10 years, starting in 2027.

– Hyundai Transys will provide a three-in-one EDS system, including a motor, inverter, and reduction gear, to convert and transmit power, ensuring optimal speed for Ceer vehicles.

– As part of Saudi Arabia’s Vision 2030 agenda, the kingdom aims to produce 500,000 EVs annually by 2030, increase the EV penetration rate in Riyadh to 30%, and mandate that only EVs operate within the NEOM giga-project.

Ceer, the electric vehicle (EV) brand supported by Saudi Arabia’s Public Investment Fund (PIF), has entered into a $2.178 billion agreement with South Korea’s Hyundai Transys.

Under this 10-year deal, starting in 2027, Hyundai Transys will supply integrated EV drive systems (EDS) for all Ceer vehicles. These EDS units, which include a motor, inverter, and reduction gear, convert and transmit power to achieve the necessary vehicle speed.

Saudi Arabia is heavily investing in electric mobility solutions as part of its Vision 2030 agenda.

This plan includes the production of 500,000 EVs annually by 2030 and aims to increase the EV penetration rate in Riyadh to 30%. Additionally, only EVs will be permitted to operate in the NEOM giga-project.

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