A Hyundai plant will be built in Saudi Arabia
The Korean company Hyundai plans to build an automobile plant in Saudi Arabia. According to the plan, the first cars will roll off the assembly line in 2026
It became known that the Koreans signed an agreement with the Saudi Arabian Sovereign Fund (Public Investment Fund, PIF) on the construction of a joint plant, which should begin in 2024. It is expected that up to 50,000 copies of various models, including electric cars, will come off the assembly line annually.
The Saudis intend to invest more than $500 million in the project. According to published data, Hyundai will receive a 30% stake in the joint venture, and PIF – 70%.