Saudi Arabia PIF
Bandar Alkhorayef, Minister of Industry and Mineral Resources in Saudi Arabia, announces a new Hyundai automotive manufacturing facility has broken ground in King Abdullah Economic City.
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Saudi Arabia PIF
Bandar Alkhorayef, Minister of Industry and Mineral Resources in Saudi Arabia, announces a new Hyundai automotive manufacturing facility has broken ground in King Abdullah Economic City.
Saudi Arabia’s Public Investment Fund (PIF) and Hyundai Motor Company have begun work to establish a new, high-tech automotive manufacturing facility at King Salman Automotive Cluster in King Abdullah Economic City (KAEC).
The project, part of Saudi Arabia’s Vision 2030, represents a significant moment in the development of Saudi Arabia’s automotive sector, and its ambitions to become a leading regional hub for advanced industrial manufacturing.
The Saudi Arabia PIF team said the new facility reflects a longstanding relationship between Saudi Arabia and Hyundai, spanning over four decades. With a projected annual capacity of 50,000 vehicles targeted to the Saudi market, the plant will manufacture both internal combustion engines (ICEs) and electric vehicles (EVs).
Hyundai has maintained a prominent position within Saudi’s automotive market with one of the largest market shares in the first quarter of 2025. The Kingdom and Hyundai have been in discussion to create a manufacturing plant since 2017.
The project gained further momentum within the framework of Saudi Arabia’s National Industrial Strategy (NIS), launched in 2022, to offer new opportunities across strategic industrial sectors, with the automotive industry identified as one of its key priorities. The NIS’ main objective was to attract three to four original equipment manufacturers (OEMs), capable of producing more than 300,000 vehicles annually within a centralized automotive cluster.
The PIF said this vision is now being realized through the development of the King Salman Automotive Cluster at King Abdullah Economic City, which already facilitates key partnerships with Lucid Motors and Ceer, alongside the newly announced Hyundai facility.
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