Gökhan Ergöçün
23 October 2023•Update: 23 October 2023
ISTANBUL
The South Korean automotive giant Hyundai will open a factory in Saudi Arabia with a total investment exceeding $500 million.
According to a Monday press release by the firm, the factory will produce vehicles with both electric and internal-combustion engines.
A total of 70% of the factory will be owned by Saudi Arabia Public Investment Fund (PIF) and 30% by Hyundai.
The plant is expected to begin production in 2026; the planned production target is 50,000 units per year.
