The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have officially signed a joint venture agreement to establish a highly automated vehicle manufacturing plant within the kingdom’s borders. PIF, Hyundai joint venture : The joint venture, unveiled at the Saudi-Korean Business Forum, comes as a result of the PIF’s strategic efforts to elevate Saudi Arabia as a global automotive player and drive major transformation in the sector. The two entities are set to pool their resources, with PIF holding a commanding 70 per cent stake in the partnership, while Hyundai retains the remaining 30 per cent. Additionally, Hyundai will act as a strategic technology partner, offering technical and commercial expertise to support the development of the state-of-the-art manufacturing plant. The project is expected to exceed $500m, signifying a significant commitment to bolstering Saudi Arabia’s automotive and mobility ecosystem. The joint venture aims to manufacture 50,000 vehicles annually, encompassing both […]