Building Hyundai Cars In Saudi Arabia: Work Starts On Manufacturing Plant
The Hyundai Motor Manufacturing Middle East is a joint venture between Saudi wealth fund PIF and South Korea's Hyundai Motor Company. The site is within the King Salman Automotive Cluster.
The manufacturing plant – Hyundai's first in the Middle East – will bring out its first vehicle by the fourth quarter of 2026. Annual production will be around 50,000 vehicles. (This will include both fuel powered cars and electric vehicles.)
PIF owns a 70% stake in HMMME, with Hyundai holding the rest.
According to Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF, said: 'This is a significant milestone for PIF as it further strengthens the automotive industry in Saudi Arabia.
'PIF will continue to enable and accelerate the growth of Saudi Arabia's automotive ecosystem through partnerships..'
The new manufacturing plant will 'create thousands of jobs' and allow for knowledge transfer and skills development.
Local production of one of the world's biggest automotive brands will be a huge leap forward for the Saudi manufacturing sector. Hyundai's market share in the Kingdom has been growing steadily, especially in the mid- to upper-mid range.
Saudi Arabia already has an assembly facility for the premium Lucid EVs.
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