Hyundai Transys signs $2.2 billion deal with Saudi Arabia’s Ceer to supply EV drive systems

The Korean component maker has signed a contract worth KRW 3 trillion (Rs 180,540 crore) with Ceer to supply its integrated EV drive system with motor, inverter, and reduction gear. The contract marks the first time that Hyundai Transys will supply its EDS to a global automaker.

Autocar Pro News Desk By Autocar Pro News Desk calendar 25 Jun 2024 Views icon3170 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Hyundai Transys signs $2.2 billion deal with Saudi Arabia’s Ceer to supply EV drive systems

Hyundai Transys has won a mega contract to supply its independently developed integrated electric vehicle drive system (EDS) to Ceer, Saudi Arabia’s first electric vehicle brand. The contract, signed earlier this month, at the Hyundai Transys headquarters in Dongtan-myeon, Gyeonggi-do, Korea, is worth KRW 3 trillion (US$ 2.2 billion or Rs 180,540 crore).

Ceer is an EV manufacturer established by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) in November 2022. Ceer will be the first Saudi automotive brand to produce EVs in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles.

The Saudi Arabian government is pursuing the production of 500,000 EVs annually by 2030. It is known that Saudi Arabia aims to increase the EV penetration rate in its capital, Riyadh, to 30%. In addition, only EVs will be allowed to operate in NEOM, which is scheduled to be completed in 2030.

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.

Hyundai Transys’ integrated EDS is a three-in-one system that consists of a motor required to drive the EV, an inverter that converts power to control the motor’s torque, and a reduction gear that converts and transmits power into the torque and speed required for the vehicle.

Typical EDSs are made up of separate motors, inverters, and reduction gears, resulting in power loss between connecting cables and limitations in vehicle space configuration. However, Hyundai Transys’ integrated EDS reduces size and weight and boasts excellent power efficiency, making it easier to design EVs and improving cost competitiveness.

First EDC supply contract from a global automaker
This contract marks the first time Hyundai Transys will supply an EDS to a global automaker. The deal holds even greater significance as it demonstrates that the company’s competitiveness in the powertrain field, developed with over 30 years of accumulated technology, has been recognized in the global market not only for internal combustion engine (ICE) vehicles but also for hybrid and battery EVs (HEVs/BEVs) in this era of growing electrification.

Hyundai Transys produces a full lineup of transmissions for internal combustion engines, including automatic, manual, dual-clutch, and continuously variables. The company has also established itself as the leading future mobility firm that produces key electrification components, including hybrid drive systems, EV reduction gears, and integrated EDSs.

Steve Yeo, CEO of Hyundai Transys, said: “Based on our unrivalled technological prowess in powertrain technology, we will further accelerate the expansion of our electrification component business, such as hybrid electric vehicle drive systems and integrated EDSs, in the global market.”

RELATED ARTICLES
Jaguar TCS Racing to use Google Cloud AI to further optimise FIA Formula E performance

auther Autocar Pro News Desk calendar23 Jul 2024

From the moment the Jaguar I-Type 6 race car enters the pit garage, the winner of the 2024 ABB FIA Formula E Teams’ Worl...

VW battery company and QuantumScape to industrialise solid-state EV batteries

auther Autocar Pro News Desk calendar23 Jul 2024

Companies join forces to advance world-leading lithium-metal technology toward mass- manufacturing for passenger EVs. Po...

Alexander Pollich to take over as President and CEO of Porsche China effective 1 September

auther Autocar Pro News Desk calendar22 Jul 2024

Since 2018, he has been Chairman of the Executive Board of Porsche Deutschland GmbH.