Hyundai Motor Company is partnering with Saudi Arabia’s Public Investment Fund (PIF) to establish its first Middle Eastern production base, aiming to become the leading brand in Saudi Arabia’s automotive market. The joint venture, Hyundai Motor Manufacturing Middle East & Africa (HMMME), will be located at the King Salman Automotive Industry Complex in King Abdullah Economic City, with Hyundai holding a 30% stake and PIF holding 70%. The factory is set to start operations in Q4 2022, producing 50,000 units of electric and internal combustion engine vehicles annually, as part of Hyundai’s plan to increase its market share in the region’s transitioning electric vehicle market.
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Auto-posted at: 2025-05-15 21:01:28