Saudi Wealth Fund, Hyundai Motors Collaborate To Build Auto Plant
Hyundai Motor Group of South Korea will collaborate with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to build a car plant in Saudi Arabia, according to President Yoon Suk Yeol.
The agreement was signed in Riyadh, and the joint venture will build the Middle East's first South Korean automobile factory, Bloomberg reported. The factory is expected to produce 50,000 electric and gas-powered vehicles per year. The PIF will own 70% of the new venture, with Hyundai owning the remaining 30%. -full-full.jpg)
According to Arab News, the project's total investment is expected to exceed $500 million. Hyundai, as a strategic technology partner, will provide technical and commercial assistance to the manufacturing plant's development. Based on sales, the company is currently the world's third-largest auto group.
Hyundai's move comes as Saudi Arabia seeks to diversify its economy away from oil and increase domestic automobile manufacturing. The country has set a goal of producing over 300,000 cars per year by 2030.
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Although the exact location of the plant and the models to be produced were not disclosed, the joint statement confirmed that the first vehicles will be delivered in 2026. President Yoon travelled to Saudi Arabia and met with Saudi Crown Prince Mohammed bin Salman to discuss strategic partnerships and the development of green hydrogen. A delegation of business leaders, including Hyundai Motor Group Executive Chair E.S. Chung, participated in the visit.
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