Ceer, the electric vehicle (EV) brand backed by Saudi Arabia’s Public Investment Fund (PIF), has signed a $2.178 billion deal with South Korea’s Hyundai Transys, which will supply integrated EV drive systems (EDS) for its vehicles across 10 years.

The deal, starting 2027, will see the future mobility company install its EDS in all Ceer vehicles, which comprises a three-in-one system includes a motor, an inverter, and a reduction gear that converts and transmits power into the speed required for the vehicle.

Saudi Arabia has been investing in electric mobility solutions, as part of its Vision 2030 agenda, which includes the production of 500,000 EVs annually by 2030. The kingdom also aims to increase the EV penetration rate in Riyadh to 30% in that timeline, while only EVs will be allowed to operate at its NEOM giga-project.

(Writing by Bindu Rai, editing by Seban Scaria)