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Korea’s Hyundai plans new assembly plant in Saudi Arabia

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The MoU stipulates building an assembly plant with the CKD system for electric and internal combustion engine cars

Saudi Arabia’s Ministry of Industry and Mineral Resources and South Korea’s Hyundai Motor Company have signed a memorandum of understanding (MoU) to build a completely knocked down (CKD) assembly plant in the kingdom.

The deal will see the construction of a Saudi-based assembly plant with the CKD system for electric and internal combustion engine cars, state-owned SPA news agency reported.

Saudi’s national industry strategy is aiming to localise the vehicle sector and increase investment opportunities, with light car sales expected to increase by 2.2 percent during the upcoming decade.

In November 2022, Crown Prince Mohammed Bin Salman, Saudi Arabia’s prime minister and chairman of its Public Investment Fund, launched Ceer, Saudi Arabia’s first electric vehicle brand, to boost its automotive sector.

The kingdom is betting big on electric vehicles. US-based EV maker Lucid Group said it will open its first showroom in the Middle East in Riyadh. The company has unveiled plans for a full production factory at King Abdullah Economic City.

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