(Bloomberg) — Hyundai Motor Co. has agreed to a deal with Saudi Arabia’s sovereign wealth fund to develop a more than $500 million car assembly plant, joining electric vehicle maker Lucid Motors Inc. in producing cars in the oil-rich kingdom.
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The Korean car company will likely develop the facility at King Abdullah Economic City near Jeddah with an aim to produce 50,000 vehicles a year, according to Park Jiwoo, a senior manager at Hyundai’s external affairs team. The plant will be a joint venture between the Public Investment Fund, which will hold a 70% stake in the Saudi venture, and Hyundai, which will own the rest, she said.
The assembly plant will start operations in early 2026, producing a mix of electric vehicles and internal combustion engine cars, and is expected to cover around 300,000 square meters (3.2 million square feet.)
PIF, as the kingdom’s…
