Saudi Arabia’s Public Investment Fund (PIF) and Hyundai Motor have begun developing a state-of-the-art automotive manufacturing facility at the King Salman Automotive Cluster. With an annual capacity of 50,000 vehicles, including both internal combustion engine (ICE) and electric vehicles (EVs), the plant aims to serve the Saudi market and strengthen the decades-long partnership between Hyundai and the Kingdom. This initiative marks a major step in Saudi Arabia’s ambition to become a regional leader in advanced manufacturing, aligning with its National Industrial Strategy (NIS). The facility is expected to contribute $5 billion to the country’s GDP by 2045.

Source: ET Auto