Hyundai Motor Manufacturing Middle East breaks ground for Saudi plant
The event marks a significant milestone in the development of Saudi Arabia's automotive industry, said a Saudi Press Agency report.
PIF holds a 70% stake in HMMME, with Hyundai owning the remaining 30%.
The facility is expected to produce its first vehicle by the fourth quarter of 2026 and aims for an annual output of 50,000 vehicles. The production will include both internal combustion engine (ICE) vehicles and electric vehicles (EVs).
Deputy Governor and Head of MENA Investments at PIF Yazeed Alhumied said: 'This groundbreaking is a significant milestone for PIF as it further strengthens the automotive industry in Saudi Arabia. PIF will continue to enable and accelerate the growth of Saudi Arabia's automotive ecosystem through partnerships. This joint venture underscores PIF's commitment to building local capabilities, attracting cutting-edge technology, and creating highly skilled jobs in Saudi Arabia's automotive and mobility sector.'
Vice Chair of Hyundai Motor Group Jaehoon Chang said: 'Today's groundbreaking marks the beginning of a new chapter for both the Kingdom of Saudi Arabia and Hyundai Motor Company, as we lay the foundation for a new era of future mobility and technological innovation. Through our joint venture, we hope to contribute to the development of talent in the region with advanced skills and capabilities under Saudi Vision 2030.'
HMMME aims to establish a strong foundation for automotive manufacturing in Saudi Arabia. Leveraging local talent, the facility will create thousands of jobs while promoting knowledge transfer and skills development. The localization of Hyundai vehicles is set to accelerate the growth of the Kingdom's automotive and mobility ecosystem, advancing its industrial future.
This partnership is part of a broader series of PIF initiatives positioning Saudi Arabia as a global automotive hub. Together, these efforts are transforming the sector, enhancing domestic manufacturing capabilities, and strengthening infrastructure and supply chains, the report said.
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