Saudi sovereign wealth fund and Hyundai Motor to spend more than $500 million to build car plant in Saudi Arabia

News on October 23, South Korean President Yoon Seok-yue said on Sunday local time that South Korea’s Hyundai Motor Group will cooperate with Saudi Arabia’s sovereign wealth fund (PIF) to build an automobile factory in Saudi Arabia.

Yin Xiyue announced the above news in Riyadh, the capital of Saudi Arabia. PIF and Hyundai signed an agreement to build a factory in Riyadh. The plant will have the capacity to produce 50,000 electric and gasoline-powered vehicles annually and will be the first South Korean car factory in the Middle East, a joint statement from both parties said.

It is reported that PIF will hold 70% of the new joint venture, and Hyundai Motor will hold the remaining 30%. The total investment in the project will exceed $500 million.

Hyundai Motor Group, currently the world’s third-largest auto group by sales, is starting to produce cars in Saudi Arabia. Saudi Arabia has been trying to wean its economy off oil and plans to produce more than 300,000 cars a year by 2030.

The joint statement said: "Hyundai Motor will also become a strategic technology partner to support the development of the new factory by providing technical and commercial assistance."

Yin Xiyue said that the first batch of cars will be launched in 2026 It will be offline in 2018, but no details about the exact location of the factory or the specific models of cars produced were disclosed.

According to the official Saudi news agency SPA, Yin Xiyue also signed several agreements with Saudi Crown Prince Mohammed bin Salman, including establishing strategic partnerships and developing "green" hydrogen energy.

Advertising statement: The external jump links (including but not limited to hyperlinks, QR codes, passwords, etc.) contained in the article are used to convey more information and save selection time. The results are for reference only. All articles on the site contain this statement.

The above is the detailed content of Saudi sovereign wealth fund and Hyundai Motor to spend more than $500 million to build car plant in Saudi Arabia. For more information, please follow other related articles on the PHP Chinese website!