Hyundai Motor Company will establish an automobile factory in Saudi Arabia. In this respect announced Press service of the Korean manufacturer.
Hyundai signed a joint venture agreement with Saudi Arabia’s Public Investment Fund (PIF). 70% of the shares of the joint venture will belong to PIF, and the remaining 30% will belong to Hyundai. The volume of investments to be made in the project will exceed 500 million dollars.
The production capacity of the facility will be 50 thousand cars per year and will be the first South Korean automobile factory in the Middle East. The company will produce both internal combustion engine and electric cars. The construction of the facility is planned to start in 2024 and production in 2026.
The Hyundai plant in St. Petersburg has been idle since 2022; Besides Hyundai Creta and Solaris cars, Kia produced the Rio and Rio X-Line. The buyer of the business will be a company from Russia and the agreement will include the possibility of buyback, reported In September, Deputy Prime Minister – Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov.
Previously expert named cars that will definitely have problems with the traffic police.