Latest news with #HMMME
ArabGT
18-05-2025
- Automotive
- ArabGT
Hyundai's New Plant Marks the Birth of Saudi Car Manufacturing
A major milestone was marked at King Salman Industrial City, nestled within King Abdullah Economic City (KAEC), as high-level dignitaries convened for the official launch of Hyundai's cutting-edge manufacturing facility in Saudi Arabia—set to roll out Korean vehicles directly from Middle Eastern soil. This new facility, known as Hyundai Motor Manufacturing Middle East (HMMME), is poised to shift the regional automotive paradigm. With an ambitious output target of 50,000 vehicles annually, it represents not just another plant, but the very first full-scale production facility—not merely an assembly site—in the Middle East. Hyundai plans to debut its first locally manufactured vehicle in the final quarter of 2026, offering both traditional and electric drivetrains. A Strategic Leap Toward Vision 2030 • Empowering local industry: The project is a joint endeavor, with the Saudi Public Investment Fund holding a 70% stake and Hyundai owning the remaining 30%. This structure underlines the Kingdom's intent to localize manufacturing, boost national employment, and accelerate its Vision 2030 objectives. • Flexible, future-forward production: By integrating both internal combustion and electric vehicle lines, the plant will cater to a broader market while aligning with global trends toward cleaner transportation. Integrated for Efficiency Strategically situated within the King Salman Automotive Complex, the factory benefits from a robust support ecosystem—including logistics hubs and parts suppliers—cutting down delivery times and optimizing operational costs across the Gulf. Key Metrics That Matter • 50,000 units per year: This output capacity positions Hyundai's Saudi plant as a leading auto producer in the Arab world. • 2026 launch goal: The rollout of the inaugural model, especially with advanced infrastructure tailored for EV production, is set for late 2026. • Job creation on a national scale: Thousands of new roles—from engineering to admin—will emerge, fostering technical expertise and advancing Saudi Arabia's industrial capabilities. Why This Factory Changes the Game for Arab Consumers • Cost efficiency: Lower shipping and customs fees are likely to bring down prices, particularly for SUVs, hybrids, and EVs, making them more accessible. • Enhanced after-sales support: Local service centers and parts depots will translate into faster maintenance, improved spare parts availability, and greater customer satisfaction. • Growth potential: The facility opens up opportunities for regional suppliers and service providers, strengthening the industrial supply chain and encouraging sustainable investment. Hyundai's newly inaugurated plant in KAEC is more than just a factory—it marks a bold reimagining of how and where vehicles are made in the Arab world. By anchoring production within the region and embracing both gasoline and electric technologies, the Kingdom is positioning itself as a major player in the global automotive arena. Expect the first wave of Hyundai vehicles from the HMMME plant to arrive by late 2026—ushering in what may be the most significant evolution our regional car market has seen in a generation.
Yahoo
15-05-2025
- Automotive
- Yahoo
Hyundai JV breaks ground on Saudi plant
Hyundai Motor Group's Saudi Arabian joint venture, Hyundai Motor Manufacturing Middle East (HMMME), has broken ground on a vehicle assembly plant in the Kingdom. This is the South Korean automaker's first assembly plant to be built in the region, a move designed to strengthen its presence in the Middle East and North African markets. To mark the occasion Hyundai Motor Manufacturing Middle East (HMMME), a joint venture 70%-owned by Saudi's Public Investment Fund (PIF) and 30% by Hyundai Motor Company, held a ceremony at a venue with the King Salman Automotive Cluster in King Abdullah Economic City (KAEC). The new facility will have an initial production capacity of 50,000 vehicles per year, including internal combustion engine (ICE) and battery-electric vehicles, which it plans to sell domestically and export to other markets in the region. HMMME said it expects to begin production operations at the plant in the fourth quarter of 2026. HMMME claims to be 'building the foundation for a new era of automotive manufacturing in Saudi Arabia. Harnessing the skills of the local workforce, the new manufacturing plant will create thousands of jobs and allow for knowledge transfer and skills development. The localization of Hyundai's vehicles will accelerate the growth of Saudi Arabia's automotive and mobility ecosystem and pave the way for a new industrial future.' Yazeed A Alhumied, PIF's deputy governor and head of Middle East and North Africa (MENA) Investments, said in a statement: 'This groundbreaking 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. This joint venture underscores PIF's commitment to build local capabilities, attract cutting-edge technology, and create highly skilled jobs in Saudi Arabia's automotive and mobility sector.' Hyundai Motor Group vice chairman, Jaehoon Chang, stated: "Today's groundbreaking marks the beginning of a new chapter for both the Kingdom of Saudi Arabia and Hyundai Motor Company, as we lay the foundation for a new era of future mobility and technological innovation. Through our joint venture, we hope to contribute to the development of talent in the region with advanced skills and capabilities under Saudi Vision 2030." HMMME's vice president and CEO, Wongyun Park, further discussed the project: "With HMMME, we are driving change forward and paving the way for a new industrial future in the region. The facility will become a platform for growth and industrial excellence in the heart of the Kingdom." "Hyundai JV breaks ground on Saudi plant" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
15-05-2025
- Automotive
- Arab News
Hyundai Motor Manufacturing Middle East celebrates groundbreaking milestone
Hyundai Motor Manufacturing Middle East, a joint venture between PIF and Hyundai Motor Company, hosted its groundbreaking ceremony in the King Salman Automotive Cluster within King Abdullah Economic City. The ceremony is a significant milestone that marks another step in the development of the automotive industry in Saudi Arabia. PIF owns a 70% stake in HMMME, with Hyundai holding the remaining 30 percent. The manufacturing plant, Hyundai's first facility in the Middle East, will roll out its first vehicle by the fourth quarter of 2026 and targets an annual production of 50,000 vehicles. This will include both internal combustion engines and electric vehicles. Yazeed A. Alhumied, deputy governor and head of MENA Investments at PIF, said: 'This groundbreaking 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. This joint venture underscores PIF's commitment to build local capabilities, attract cutting-edge technology, and create highly skilled jobs in Saudi Arabia's automotive and mobility sector.' Jaehoon Chang, Hyundai Motor Group vice chair, said: "Today's groundbreaking marks the beginning of a new chapter for both the Kingdom and Hyundai Motor Company, as we lay the foundation for a new era of future mobility and technological innovation. "Through our joint venture, we hope to contribute to the development of talent in the region with advanced skills and capabilities under Saudi Vision 2030." Wongyun Park, vice president and CEO of Hyundai Motor Manufacturing Middle East, said: "With HMMME, we are driving change forward and paving the way for a new industrial future in the region. The facility will become a platform for growth and industrial excellence in the heart of the Kingdom." HMMME is building a foundation for a new era of automotive manufacturing in Saudi Arabia. Harnessing the skills of the local workforce, the new manufacturing plant will create thousands of jobs and allow for knowledge transfer and skills development. The localization of Hyundai's vehicles will accelerate the growth of Saudi Arabia's automotive and mobility ecosystem and pave the way for a new industrial future. This partnership is one in a series of PIF initiatives establishing Saudi Arabia as a global automotive player. Together, these initiatives are driving transformation in the sector and boosting domestic manufacturing capabilities, infrastructure, and supply chains.
Barnama
15-05-2025
- Automotive
- Barnama
Hyundai Breaks Ground on First Middle East Plant in Saudi Arabia
SEOUL, May 15 (Bernama-Yonhap) -- Hyundai Motor Co has broken ground on its first manufacturing plant in the Middle East, marking a significant milestone in the South Korean automaker's global expansion, Yonhap news agency reported. The groundbreaking ceremony for Hyundai Motor Manufacturing Middle East (HMMME) was held on Wednesday at the King Salman Automotive Cluster within King Abdullah Economic City (KAEC) in Saudi Arabia, the company said in a statement Thursday. HMMME is a joint venture between Hyundai Motor and Saudi Arabia's Public Investment Fund (PIF), with a 30:70 ownership structure. bootstrap slideshow Production is expected to begin in the fourth quarter of 2026, with an annual capacity of 50,000 units comprising electric vehicles (EVs) and internal combustion engine models. The facility forms part of Saudi Arabia's strategy to develop its domestic automotive industry, with the King Salman Automotive Cluster envisioned as the kingdom's future manufacturing hub. Over 200 officials and dignitaries from both countries attended the ceremony, including Saudi Industry Minister Bandar Alkhorayef and Hyundai Motor Group Vice Chairman Chang Jae Hoon. Chang said the groundbreaking represents the start of a new era for Hyundai and Saudi Arabia, and expressed confidence that the new plant will support the kingdom's Vision 2030 goals by nurturing local talent with advanced mobility expertise. 'Today's groundbreaking marks the beginning of a new chapter for both Saudi Arabia and Hyundai Motor, as we lay the foundation for a new era of future mobility and technological innovation,' he said. Hyundai Motor said the plant is expected to create thousands of jobs in Saudi Arabia, facilitate knowledge transfer, and strengthen the local industrial base.
Argaam
15-05-2025
- Automotive
- Argaam
Hyundai breaks ground on new factory in King Salman Automotive Cluster
Hyundai Motor Manufacturing Middle East (HMMME) broke ground on its new factory in Saudi Arabia's King Salman Automotive Cluster within King Abdullah Economic City (KAEC). The facility is Hyundai Motor's first manufacturing plant in the Middle East. Production is scheduled to begin in the fourth quarter of 2026, with an annual capacity of up to 50,000 vehicles, including internal combustion engine vehicles and electric vehicles. According to data compiled by Argaam, the Public Investment Fund (PIF) and Hyundai Motor Co. signed a joint venture agreement in October 2023 to establish a highly automated vehicle manufacturing plant in the Kingdom. PIF holds a 70% stake in HMMME, while Hyundai Motor owns the remaining 30%. In November, Emaar The Economic City signed a 20-year land lease agreement with HMMME for a plot in the Industrial Valley's special economic zone. The SAR 175.7 million deal covers the construction and operation of a facility for assembling vehicles and manufacturing auto parts.
