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Korea Herald
15-05-2025
- Automotive
- Korea Herald
Hyundai Motor breaks ground on its first auto plant in Saudi Arabia
Hyundai Motor Company said Thursday it began constructing its first car manufacturing plant in Saudi Arabia, marking its entry into the burgeoning Middle Eastern market. In partnership with Saudi Arabia's Public Investment Fund, the auto giant will set up Hyundai Motor Manufacturing Middle East to produce up to 50,000 electric and internal combustion vehicles annually, with operations slated to begin in the fourth quarter of 2026. The PIF and Hyundai hold 70 percent and 30 percent stakes, respectively. The groundbreaking ceremony was held at the plant's construction site at the King Salman Automotive Cluster in Saudi Arabia. The event was attended by over 200 key figures, including Chang Jae-hoon, Hyundai Motor Group vice chairman; Moon Byung-jun, acting ambassador of South Korea to Saudi Arabia; Yazeed A. Al-Humied, deputy gov. of Saudi Arabia's Public Investment Fund; and Bandar Ibrahim Al-Khorayef, minister of industry and mineral resources of Saudi Arabia. Hyundai Motor's foray into Saudi Arabia is a strategic investment to intensify its push into the rapidly growing Middle Eastern market. The country represents around 34 percent of the Middle Eastern automotive market. Out of approximately 2.49 million vehicles sold in the Middle East last year, 840,000 were sold in Saudi Arabia, according to sources. For the automaker, Saudi Arabia accounts for over half of its sales across the 14 Middle Eastern countries where it operates. In the first quarter of this year, Saudi Arabia took up over 34,000 of the 60,000 retail sales in the Middle East. Saudi Arabia also shows significant potential in the EV market, where Hyundai Motor has a strong presence. Under the Saudi government's Vision 2030 initiative to diversify its energy-centric industrial structure towards manufacturing and hydrogen energy, it aims to reduce oil dependency by 2030, producing 500,000 electrified cars annually and converting over 30 percent of vehicles in Riyadh to EVs. In addition, the rapidly advancing relations between the US — Hyundai's largest global market — and Middle Eastern countries enhance the carmaker's prospects in the region. Following his reelection, President Donald Trump visited Saudi Arabia, Qatar and the UAE from Tuesday to strengthen economic ties. 'This groundbreaking ceremony opens the beginning of a new era for both Hyundai and Saudi Arabia,' stated Chang. 'HMMME will support Saudi Arabia's Vision 2030 by fostering local talent with expertise in mobility technology.'
Korea Herald
15-05-2025
- Automotive
- Korea Herald
Hyundai Motor breaks ground on 1st Middle East plant in Saudi Arabia
Hyundai Motor Co. said Thursday it has broken ground on a production plant in Saudi Arabia, the company's first manufacturing base in the Middle East, marking a key milestone for the company's global expansion. A groundbreaking ceremony for Hyundai Motor Manufacturing Middle East was held Wednesday at the King Salman Automotive Cluster, located within King Abdullah Economic City in Saudi Arabia, the company said. HMMME is a joint venture between the South Korean automaker and Saudi's Public Investment Fund established under a 30-70 stake scheme. Production is scheduled to start in the fourth quarter of 2026 with an annual capacity of 50,000 units, including both electric vehicles and internal combustion engine models. The facility is a centerpiece of Saudi Arabia's strategy to develop a domestic automotive industry, with the King Salman Automotive Cluster serving as the country's new automotive manufacturing hub. Wednesday's ceremony was attended by over 200 dignitaries and officials from both countries, including Bandar Alkhorayef, Saudi Arabia's industry minister, and Hyundai Motor Group Vice Chairman Chang Jae-hoon. Chang said the groundbreaking signals the start of a new era for both Hyundai Motor and Saudi Arabia, and expressed hope that the plant will contribute to the country's Vision 2030 initiative by fostering local talent equipped with mobility technology expertise. As part of the Vision 2030 strategy, Saudi Arabia is actively promoting the development of its automotive industry, as the Middle Eastern nation aims to diversify its growth engines while reducing its heavy dependence on the oil industry. The South Korean automaker is seeking to establish a hydrogen mobility ecosystem in Saudi Arabia in partnership with the Korea Automotive Technology Institute, Air Products Qudra and the Saudi Public Transport Company. Under the partnership, the parties plan to cooperate in various areas, including the creation of a hydrogen mobility environment and conducting a pilot project for hydrogen electric buses, as well as collaborating on relevant government-supported research programs. (Yonhap)
Time of India
21-04-2025
- Automotive
- Time of India
Hyundai Motor makes first-ever delivery of electric buses in Japan
Hyundai Motor said on Monday it has delivered five electric buses to the transportation unit of Japan's Iwasaki Group , marking its first commercial electric bus delivery in the neighbouring country. The South Korean automaker held a delivery ceremony for the Elec City Town buses with Iwasaki Group in Yakushima, Kagoshima Prefecture. The units were delivered to Tanegashima-Yakushima Kotsu Co. under the Japanese group, reports Yonhap news agency. The ceremony was attended by around 80 participants, including Hyundai Motor Group Vice Chairman Chang Jae-hoon, Toshiyuki Shimegi, head of Hyundai Mobility Japan Co., and Iwasaki Group President and Chief Executive Officer (CEO), Yoshitaro Iwasaki. Chang highlighted the significance of Yakushima's environment for testing sustainable mobility solutions . "Yakushima is the kind of special environment where the value of mobility solutions truly shines," he said. "We hope to present a model of coexistence between environment, technology and the local community." Iwasaki expressed hope that the new electric buses would provide a new standard for the region's transport system. "We want to make the Elec City Town the new standard for local transportation and achieve a balance between environmental preservation and revitalization of the local economy," he said. Hyundai Motor signed a letter of intent with Iwasaki Group in July last year for the supply of the five medium-sized, low-floor Elec City Town electric buses. Powered by a 145 kilowatt-hour battery (kWh) and a high-efficiency motor, the vehicles are suited to operate in the ecologically sensitive Yakushima region, a UNESCO World Natural Heritage site known for its ancient cedar forests and diverse plant ecosystems, according to Hyundai Motor. Kagoshima Prefecture has set a goal of achieving carbon neutrality by 2050 and plans to transform Yakushima into a zero-emission island by transitioning vehicles on the island to electric or other carbon-free cars. On the previous day, Hyundai Motor signed a comprehensive cooperation agreement with the local government to promote the use of EVs on the island. The agreement includes utilizing the vehicle-to-home function of the Elec City Town to supply power to evacuation centres and medical facilities during natural disaster emergencies.
