Latest news with #HyundaiMotorManufacturingMiddleEast
Gulf Insider
15-05-2025
- Automotive
- Gulf Insider
Building Hyundai Cars In Saudi Arabia: Work Starts On Manufacturing Plant
The project to make Hyundai cars in Saudi Arabia has gotten off the ground at the King Abdullah Economic City. 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.
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)
