[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Kefico, a component affiliate of Hyundai Motor Group, has signed a large-scale supply contract with CEER, an electric vehicle manufacturer established jointly by Saudi Sovereign Wealth Fund (PIF) and Taiwan's Foxconn.

According to Hyundai Kefico on the 28th, the contract will supply Vehicle Control Unit (VCU), a top-level controller that controls electric vehicles and charging, and a DC-DC converter that will convert power in high-voltage batteries to low voltage to supply power to electronic components to CEER for 250 billion won from 2026.

Including products in the process of negotiating orders in addition to the two products, the total amount of orders is expected to expand to 700 billion won.

"As orders from not only Saudi Arabia but also domestic and foreign companies are continuing, we will do our best to successfully develop and manage the quality of all order items to satisfy customers," a Hyundai Kefico official said.

 

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