In a significant move, the South Korean automotive powerhouse, Hyundai, is set to inaugurate a factory in Saudi Arabia, with a substantial investment exceeding $500 million.
As outlined in a press release issued by the company on Monday, this factory will be dedicated to the production of vehicles equipped with both electric and internal-combustion engines.
The ownership structure of the factory will be divided, with the Saudi Arabia Public Investment Fund (PIF) holding the majority share of 70%, while Hyundai will possess the remaining 30%.
Anticipated to commence production in 2026, the factory's ambitious target is to manufacture 50,000 vehicle units annually. This development signals Hyundai's commitment to expanding its presence and operations in the ever-evolving automotive market. Photo by User:LSDSL, Wikimedia commons.
