HomeEconomyHyundai will build its...

Hyundai will build its first plant in the Middle East

Image: Getty Images

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


New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

Gur died one of the most tanny RLS Okpandov in Crimea (video)

The military units of the Basic Main Directorate of the Ministry of Defense of Ukraine during a recent operation in the territory of temporarily occupied Crimea were struck by one of the most valuable radar stations in the arsenal of the state-98L6 aggressor...

50 houses organized in the beech as a result of a Russian attack (photo)

In the loaf of more than 50 houses, kindergarten and church are damaged as a result of a night attack. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } The mayor...

Large large -scale dryness of fire on an area of 25 hectares of licking on Odesschina (photo)

In the Odessa region, firefighters eliminated a large scale from the fire of dry vegetation in the region of about 25 hectares. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } ...