Ceer has awarded Hyundai Transys a massive deal to deliver its in-house developed integrated electric vehicle drive system (EDS). At the Hyundai Transys headquarters in Dongtan-myeon, Gyeonggi-do, Korea, earlier this month, a deal for KRW 3 trillion (US$ 2.2 billion or Rs 180,540 crore) was signed.
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, founded Ceer as an electric vehicle manufacturer in November 2022. In addition to designing, producing, and marketing a variety of automobiles for customers in Saudi Arabia and the MENA area, including sedans and sport utility vehicles, Ceer will be the first Saudi automaker to build electric cars in the country.
By 2030, the Saudi Arabian government hopes to have produced 500,000 electric vehicles (EVs) a year. It is well known that Saudi Arabia hopes to reach a 30% EV penetration rate in Riyadh, the country’s capital. Additionally, when NEOM is finished in 2030, only electric vehicles (EVs) will be permitted to drive there.
Key professionals, such as Steve Yeo, CEO of Hyundai Transys, James DeLuca, CEO of Ceer, Johnny Saldanha, Chief Purchasing Officer (CPO), and Markus Leitner, Chief Technical Officer (CTO), attended the signing event.
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.
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.”
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