The signing of the agreement
The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) announced the signing of a joint venture (JV) agreement to establish a highly automated vehicle manufacturing plant in Saudi Arabia.
PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also act as a strategic technology partner to support the development of the new manufacturing plant, by providing technical and commercial assistance, the PIF said in an emailed statement to Argaam today, Oct. 22.
The JV announced at the Saudi-Korean Business Forum, aims to manufacture 50,000 vehicles per year, including both internal combustion engine (ICE) and electric vehicles (EV).
The plant groundbreaking is planned for 2024, and production is expected to begin in 2026.
The total investment for the project is estimated to exceed SAR 1.8 billion.
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