The Hyundai factory will be erected at an investment of over $500 million with the installation’s ground breaking anticipated in 2024
Highlights
Factory to be erected at a cost of over $500 million
Will have a capacity of 50,000 vehicles per annum
product aimed to commence from 2026
Hyundai’s Vehicle Production in Saudi Arabia:
Hyundai Motor Company and the Public Investment Fund ( PIF) of Saudi Arabia have inked a common adventure agreement to establish a vehicle manufacturing factory in Saudi Arabia. The factory, with a planned capacity of 50,000 vehicles per time, will produce both internal combustion and electric vehicles with Hyundai holding a 30 per cent stake in the adventure.
The factory is set to be erected at an investment of over $500 million with groundbreaking at the planned point to be in 2024. Both parties are eyeing a launch of product date in 2026.
As per the press release, the new common adventure will help produce employment as well as aid in transfer of technology. It’ll also allow Hyundai to localise its buses for the Saudi request and could prop in attracting future investment in the automotive space from other manufacturers. The common adventure represents PIF’s rearmost bid to boost Saudi Arabia’s automotive sector and elevate the country as a global player in the assiduity. The cooperation aims to drive metamorphosis, enhance manufacturing capabilities, and strengthen the automotive force chain.
Speaking on the advertisement, Jaehoon Chang, President and CEO of Hyundai Motor Company, said, “ We’re agitated about the eventuality of this adventure to drive significant advancements in vehicle product, fostering a sustainable andeco-friendly automotive future in the region. Our common sweats will produce openings for invention and environmental progress. ”