The company has secured several contracts for mid-to-large volume projects with European OEMs, strengthening its industry position. Credit: Rimac Technology/PR Newswire.

Saudi Arabia-based Ceer has partnered with Rimac Technology to supply advanced Electric Drive Systems (EDS) for its upcoming range of electric vehicles (EV).

The agreement was formalised last month during a signing ceremony at Rimac’s headquarters in Croatia.

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Ceer, a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and Foxconn (Hon Hai Precision Industry Co.), aims to establish a strong presence in the EV market, both in the Middle East and globally.

For Rimac, the deal with Ceer marks a significant step in the company’s transition from low-volume, ultra-high-performance applications – such as the Rimac Nevera and Pininfarina Battista – to larger-scale production.

Ceer CEO James DeLuca said: “We are delighted to be the first company and large-scale project in the GCC to partner with Rimac Technology in order to equip Ceer flagship vehicles with the most advanced high performance electric drive systems and solution.”

The agreement aligns with Rimac’s ongoing strategy to diversify its product portfolio and expand into mid- to large-volume vehicle projects.

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Earlier in the year, Rimac Technology announced a long-term collaboration with the BMW Group, supplying high-voltage battery systems for their passenger vehicles.

The company has also secured multiple contracts for mid-to-large volume projects with European OEMs, further cementing its position in the industry.

Rimac Group founder Mate Rimac said: “The collaboration with Ceer further solidifies Rimac Technology’s global electrification ambitions. This year alone we’ve announced several key partnerships, including with the BMW Group and Ceer, which will result in the production of tens of thousands of electric drive systems and battery systems for leading OEMs worldwide.

“With more exciting projects in the pipeline, we’ve strategically invested in our production facilities in Croatia, including the Rimac Campus and supporting infrastructure, which will soon be operating at full capacity.”

In June 2024, Hyundai Transys signed a ten-year deal worth KRW3tn ($2.2bn) to supply its integrated EDS to Ceer Motors.

The company claimed its integrated battery electric vehicle (BEV) drive system, which includes the drive motor, inverter and reduction gears, was smaller and lighter than conventional BEV drivetrains while providing “excellent power efficiency”.