The venture, called Hyundai Motor Manufacturing Middle East (HMME), is 70% owned by PIF, with Hyundai holding the remaining 30%, The plant is expected to roll out its first vehicle by the fourth quarter of 2026 with an annual production capacity of 50,000 vehicles, including both internal combustion engine and electric vehicles.“Today's groundbreaking marks the beginning of a new chapter for both the Kingdom of Saudi Arabia and Hyundai Motor, as we lay the foundation for a new era of future mobility and technological innovation,” said Chang Jae-hoon, vice chairman of Hyundai Motor Group, in a press release.
Hyundai Motor Co.has joined forces with the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, to build its first manufacturing plant in the Middle East, marking a new step in its expansion into the region and further to Africa.
Hyundai expects its localization strategy in the Middle East not only to deepen its presence in the region, but also to provide fresh momentum for its transition toward low-emission mobility.“Saudi Arabia has shown strong interest in hydrogen produced from petroleum byproducts and fuel cell technology.
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