Joint Venture Between PIF and Hyundai Motor Company Marks Milestone

In a significant development for the automotive industry, a joint venture between the Public Investment Fund (PIF) and Hyundai Motor Company, known as Hyundai Motor Manufacturing Middle East, has reached a groundbreaking milestone. The new facility, set to pave the way for a new industrial future, will focus on manufacturing internal combustion engine and electric vehicles with an annual production target of 50,000 vehicles to supply the Saudi Arabian market.

The joint venture between PIF and Hyundai Motor Company signifies a strategic collaboration to enhance the manufacturing capabilities in the region. This partnership aims to capitalize on the growing demand for both traditional and electric vehicles in Saudi Arabia, contributing to the advancement of the automotive sector.

Located in the Middle East, the new manufacturing plant is poised to play a crucial role in meeting the evolving needs of the market by producing a diverse range of vehicles. By combining the expertise of both entities, the facility is expected to set new benchmarks in automotive manufacturing and contribute to the economic development of the region.

The celebration of this groundbreaking milestone highlights the commitment of Hyundai Motor Company and PIF to innovation and sustainable growth. With a focus on producing high-quality vehicles for the Saudi market, the joint venture is positioned to make a significant impact on the automotive industry in the region and beyond.