Korean Manufacturer of Automobile Parts Broadens Its Global Presence in the Electric Mobility Sector.
In a significant agreement that highlights its technological expertise in the field of electric mobility, Hyundai Transys, a key automotive parts subsidiary of Hyundai Motor Group, has secured a substantial USD 2.2 billion contract to supply advanced integrated electric vehicle (EV) drive systems to Centre, Saudi Arabia’s inaugural domestic EV manufacturer.
This pivotal contract was formalized at the headquarters of Hyundai Transys, marking a first in the company’s history where the Korean components manufacturer will supply its exclusive EV drive system to a major global automotive player. Ceer, established by Saudi Arabia’s Public Investment Fund (PIF) in 2022, is targeting the production of 500,000 EVs annually by 2030. This initiative is part of the kingdom’s aggressive strategy to increase EV uptake in Riyadh to 30%, reflecting a significant commitment to sustainable automotive solutions.
The integrated EV drive system developed by Hyundai Transys is a state-of-the-art solution that amalgamates the motor, inverter, and reduction gear into one unified, streamlined unit. This integration offers superior power efficiency and provides enhanced design flexibility over traditional systems where these components are installed independently. This innovative configuration not only minimizes size, weight, and power dissipation but also improves cost-effectiveness and simplifies the EV design process.
Steve Yeo, CEO of Hyundai Transys, conveyed his excitement about the agreement, emphasizing that this contract marks the first time their proprietary electric drive system is being supplied to a global automotive company. He highlighted that this deal affirms the worldwide acknowledgement of their technological leadership in powertrain technology, which has been refined over thirty years in the electric vehicle market.
This deal signifies Hyundai Transys’ strategic pivot towards the rapidly growing electric mobility sector, augmenting its long-standing proficiency in developing transmissions for traditional internal combustion engine vehicles. The company has been actively enlarging its portfolio in the electrification components domain, including hybrid electric vehicle drive systems and integrated EV drive units, aiming to meet the escalating international demand for eco-friendly transportation alternatives.
Steve Yeo added that, equipped with their unmatched expertise in powertrain technology, they are poised to accelerate the expansion of their electrification component business. This includes systems for hybrid electric vehicles and integrated Electric Drive Systems (EDSs) on a worldwide basis.
The collaboration between Hyundai Transys and Ceer is set to play a crucial role in advancing Saudi Arabia’s ambitious plans for electric mobility, as the nation endeavors to diminish its carbon emissions and establish itself as a leading regional center for sustainable automotive production.
