One of the South Korea-based automobile giants hyundaiAs reported, it is opening a new factory in Saudi Arabia.
The official statement from the company on this subject was as follows: “Hyundai Motor Company signed a joint venture agreement with the Public Investment Fund (PIF) of Saudi Arabia to establish a highly automated production facility in the country. According to this agreement; PIF will hold a 70 percent stake in the new joint venture, and Hyundai will support the venture with the remaining 30 percent. Hyundai will also act as a strategic technology partner by providing technical and commercial support in production. The total investment of the project is expected to exceed 500 million dollars. This joint venture, announced at the Saudi-Korea Business Forum, aims to produce 50,000 vehicles per year, including both internal combustion engine (ICE) and electric vehicles (EV). The foundation of the facility is planned to be laid in 2024, and it is aimed to start production in 2026. “
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Hyundai Motor Company President and CEO Jaehoon Chang said the following about the partnership: “We are excited to create a sustainable and environmentally friendly automotive future in the region. “Our joint efforts will create significant opportunities for innovation and environmental progress.” Before this There was news of a Tesla automobile factory based in Saudi Arabia. However, he later said this directly to Tesla CEO. Elon Musk denied it. By the way, if you missed it, it is possible that Tesla will establish an automobile factory in Turkey. No final decision has been made on this issue, but According to Musk, Türkiye is among the potential countries.