Hyundai is planning to build a new car factory in Saudi Arabia. They are doing this with the help of the Saudi Arabian Public Investment Fund. This fund will own most of the factory, around 70%, and it’s likely putting up a lot of the money, over $500 million.
The factory is set to start being built next year and should be ready by 2026. It will be a big factory, able to make up to 50,000 cars every year. They will make both electric and regular cars there.
Hyundai says that this factory will make a lot of new jobs and help Saudi Arabia’s car and transportation industry grow. The company wants Saudi Arabia to become a big player in the car world.
It’s not clear yet which cars they will make in the factory. The CEO of Hyundai, Jaehoon Chang, is excited about this project. He thinks it will help make cars in a more eco-friendly way and create opportunities for new ideas and helping the environment.
This move happens shortly after another company, Lucid, backed by Saudi Arabia, opened a factory in the country. They make electric cars there, and in the future, they want to build everything from scratch instead of using kits from the United States.