Hyundai Begins Building Manufacturing Plant in Saudi Arabia
The project to manufacture Hyundai cars in Saudi Arabia has officially started at King Abdullah Economic City. This initiative marks the establishment of the first Hyundai manufacturing plant in the Middle East.
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Key Details
- Joint Venture: The Hyundai Motor Manufacturing Middle East (HMMME) is a collaboration between Saudi Arabia’s Public Investment Fund (PIF) and South Korea’s Hyundai Motor Company.
- Location: The plant is situated within the King Salman Automotive Cluster.
Production Goals
- Annual Output: The facility is expected to produce approximately 50,000 vehicles per year, including both fuel-powered and electric vehicles.
- First Vehicle Launch: The first Hyundai vehicle is slated to roll off the production line by the fourth quarter of 2026.
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Stakeholder Information
- Ownership: PIF holds a 70% stake in HMMME, with Hyundai owning the remaining 30%.
Economic Impact
Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF, stated that this project represents a significant milestone for the Saudi automotive industry.
He emphasized that PIF is committed to supporting the growth of Saudi Arabia’s automotive ecosystem through strategic partnerships.
Job Creation and Skills Development
The new manufacturing plant is expected to create thousands of jobs and facilitate knowledge transfer and skills development within the local workforce.
Local production of Hyundai vehicles is a significant advancement for Saudi Arabia’s manufacturing sector, especially as Hyundai’s market share in the Kingdom continues to grow, particularly in the mid- to upper-mid range segments.
Saudi Arabia already has an assembly facility for the premium Lucid electric vehicles, further indicating its commitment to expanding its automotive industry.
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