20240616
🔸️ Ceer, the first Saudi electric vehicle manufacturer, has signed an 8.2 billion SAR ($2.2 billion) contract with Hyundai Transys. Under this contract, Hyundai will provide Ceer with an integrated electric vehicle driving system (EDS).
🔸️ Launched in November 2022, Ceer is a partnership between the Public Investment Fund (PIF), the Chinese company Foxconn, and German automotive giant BMW, which will provide Ceer with licenses for electric vehicle components technology to be used in vehicle development.
🔸️ Ceer, which will design and manufacture all its vehicles within the Kingdom, is expected to attract $150 million in foreign direct investment and directly contribute 30 billion SAR (about $8 billion) to Saudi Arabia’s GDP, creating 30,000 direct and indirect jobs by 2034.
🔸️ According to Ceer CEO James DeLuca, the Hyundai Transys system significantly reduces size and weight while enhancing energy efficiency, thus simplifying the electric vehicle design process and boosting cost competitiveness.
🔸️ In March, Ceer awarded the project to build the “Ceer Electric Vehicle Manufacturing Complex” in King Abdullah Economic City, north of Jeddah, to the Saudi company Modern Building Leaders, with a value of 5 billion SAR (about $1.35 billion). The company expects its electric vehicles to be available in the Saudi market next year.