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Ceer, the first Saudi electric vehicle manufacturing brand, has signed a contract worth 8.2 billion SAR ($2.2 billion) with the Korean company Hyundai TRANSYS. Under the contract, Hyundai will provide Ceer with an integrated electric vehicle driving system (EDS).
Ceer was established in November 2022 as a partnership between the Public Investment Fund (PIF) and Foxconn, in collaboration with German automotive giant BMW. BMW will provide Ceer with licenses for electric vehicle components technology to be used in the development of its vehicles.
Ceer will design and manufacture all of its vehicles within Saudi Arabia. It 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 its founding statement.
Ceer CEO James DeLuca stated that the Hyundai TRANSYS system significantly reduces size and weight while enhancing energy efficiency, thus simplifying the electric vehicle design process and boosting cost competitiveness.