South Korean company Hyundai Motor Group will build a car plant in Saudi Arabia.
The largest Korean car manufacturer Hyundai Motor Company and the Saudi Public Investment Fund (PIF) have signed agreements to jointly build an automobile production plant in Saudi Arabia. This was reported by the company’s press service.
The new facility will be Hyundai’s first car plant in the Middle East.
The Fund’s share here will be 70% of the shares, and Hyundai will own the remaining 30%. Hyundai will also act as a strategic technology partner, providing technical and commercial assistance.
The total investment in the project is estimated at more than $500 million.
The joint venture plans to produce up to 50 thousand vehicles per year, including vehicles with internal combustion engines and electric vehicles.
The start of construction of the plant is planned for next year, and the assembly of vehicles is expected to begin in two years, in 2026.
It was previously reported that Hyundai is working on the development of an unusual “pedestrian” car. The model, called the Ultimate Mobility Vehicle, will go where no other vehicle can.
The Volkswagen car plant was again used for the first time to produce electric cars
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.