Hyundai breaks ground on new factory in King Salman Automotive Cluster
Hyundai Motor Manufacturing Middle East (HMMME) broke ground on its new factory in Saudi Arabia's King Salman Automotive Cluster within King Abdullah Economic City (KAEC).
The facility is Hyundai Motor's first manufacturing plant in the Middle East.
Production is scheduled to begin in the fourth quarter of 2026, with an annual capacity of up to 50,000 vehicles, including internal combustion engine vehicles and electric vehicles.
According to data compiled by Argaam, the Public Investment Fund (PIF) and Hyundai Motor Co. signed a joint venture agreement in October 2023 to establish a highly automated vehicle manufacturing plant in the Kingdom. PIF holds a 70% stake in HMMME, while Hyundai Motor owns the remaining 30%.
In November, Emaar The Economic City signed a 20-year land lease agreement with HMMME for a plot in the Industrial Valley's special economic zone. The SAR 175.7 million deal covers the construction and operation of a facility for assembling vehicles and manufacturing auto parts.
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