Hyundai Motor Group is set to build a car manufacturing plant in Saudi Arabia in collaboration with the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF). The plant, with a planned annual production capacity of 50,000 electric and internal combustion engine vehicles, will represent Hyundai’s first factory in the Middle East. PIF will own a 70% stake in the joint venture, with Hyundai holding the remaining 30%. The project is expected to require an investment of over $500 million, and construction is scheduled to begin in 2024, with production commencing in 2026. The exact models to be produced at the facility have not been disclosed. Saudi Arabia is working to develop its domestic auto industry as part of its broader economic diversification efforts.
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