Riyadh, 27 January 2023 (GNP): According to the Saudi Press Agency (SPA), the Ministry of Industry of the Kingdom of Saudi Arabia and Hyundai Motors have agreed to develop a factory in the Kingdom for the final assembly of electric vehicles.
The agreement of understanding states plans to develop a complete assembly factory using the ‘CKD’ technology for electric cars and internal combustion engine cars, to be located in Saudi Arabia.
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Following Hyundai’s strong interest and plans to look into potential collaborative investment opportunities with the Kingdom, the agreement was finally signed. In order to meet the goals of the national policy for the industry in terms of building domestic manufacturing capabilities, Saudi Arabia seeks to localize the automobile industry and enhance investment prospects there.