Manufacturing PIF and Hyundai to roll out first Saudi vehicles in 2026 By Pramod Kumar May 15, 2025, 8:39 AM SPA Saudi minister of industry and mineral resources Bandar Alkhorayef at the ground breaking ceremony of PIF-Hyundai's manufacturing facility in the kingdom A joint venture between Saudi Arabia’s Public Investment Fund and South Korea’s Hyundai Motor Company will roll out its first vehicles in the fourth quarter of 2026. The partners broke ground on the new manufacturing facility on Wednesday at the recently launched King Salman Automotive Cluster in King Abdullah Economic City, the state-run Saudi Press Agency reported. PIF holds a 70 percent stake in Hyundai Motor Manufacturing Middle East, while Hyundai owns the remaining 30 percent. The facility is expected to produce 50,000 vehicles per year, including both internal combustion engine vehicles and electric vehicles. Yazeed Alhumied, deputy governor and head of Mena Investments, said the PIF will continue to support and accelerate the growth of Saudi Arabia’s automotive ecosystem through partnerships. Hyundai to start building electric cars in Turkey next year Ceer signs $2.2bn deal with Hyundai to power its EVs Work to begin in 2024 on Hyundai’s $500m Saudi car plant The Saudi sovereign wealth fund launched Tasaru, the National Automotive and Mobility Investment Company, in 2023, which will localise automotive supply chains and manufacturing capabilities. The PIF and Saudi Electricity Company unveiled the Electric Vehicle Infrastructure Company in the same year, which plans to install over 5,000 EV fast chargers across the kingdom by 2030. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
