Saudi Arabia is attracting the car industry
Hyundai will also produce electric cars in Saudi Arabia. It follows in the footsteps of the American Lucid Motors, which recently announced that it would be setting up a large factory in Saudi Arabia.
Hyundai Motor Company, together with the Saudi Public Investment Fund (PIF), has signed documents that should pave the way for the arrival of a Hyundai factory in Saudi Arabia. The PIF and Hyundai are setting up a joint venture. The Saudi party will own 70 percent of the shares. Hyundai will manage the remaining 30 percent. In total, PIF and Hyundai are jointly investing more than $500 million (€472 million) in the project.
The production facility to be set up must be able to produce 50,000 cars annually. This concerns both fully electric cars and cars with combustion engines. The first bale will go into the ground in 2024. The first cars should roll off the production line in 2026.
Saudi Arabia is making considerable progress in attracting the automotive industry. It recently entered into an agreement with Lucid Motors that should lead to a large Lucid factory in the country. Saudi Arabia wants at least 30 percent of cars sold in the country to consist of EVs by 2030. The government will buy at least 50,000 Lucids Air over a period of 10 years. In addition, the PIF has established a company called Electric Vehicle Infrastructure Company together with the Saudi Electricity Company. The club wants to install more than 5,000 fast chargers in the country by 2030.
– Thanks for information from Autoweek.nl