Saudi Ceer partners with Hyundai Transys in USD2.18B agreement for EV drive systems


(MENAFN) Saudi Arabia's groundbreaking electric vehicle (EV) brand, Ceer, has sealed a monumental SR8.2 billion (USD2.18 billion) deal with Hyundai Transys, a leading South Korea-based company, to procure "EV Drive Systems" for its vehicles. This landmark agreement underscores Ceer's commitment to driving innovation and revolutionizing the automotive sector in the Kingdom.

In a press release, Ceer highlighted Hyundai Transys' integrated Electric Drive System (EDS) as a game-changer in the industry. The innovative three-in-one solution combines a propulsion motor, an inverter, and a reduction gear, eliminating power loss associated with separate components and optimizing vehicle space configuration. This strategic partnership signifies a significant step forward in Ceer's mission to deliver cutting-edge electric mobility solutions.

James DeLuca, CEO of Ceer, hailed the collaboration with Hyundai Transys as a pivotal moment for the Saudi automotive industry. He expressed enthusiasm for integrating Hyundai Transys' advanced EDS technology into Ceer's electric vehicles, enhancing their performance and solidifying Ceer's position as a global leader in sustainable transportation.

Ceer emphasized the transformative impact of the advanced EDS system, highlighting its ability to reduce vehicle size and weight, enhance power efficiency, streamline EV design processes, and improve cost competitiveness. This strategic partnership exemplifies Ceer's commitment to driving innovation and sustainability in the automotive sector, positioning Saudi Arabia as a hub for cutting-edge electric mobility solutions.

Steve Yeo, CEO of Hyundai Transys, echoed DeLuca's sentiments, expressing confidence in the success of the project and anticipating a fruitful long-term partnership between the two companies. The collaboration between Ceer and Hyundai Transys represents a significant milestone in advancing electric mobility and driving sustainable transportation solutions globally.

MENAFN13062024000045015839ID1108327676


MENAFN

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.