RIYADH, Saudi Arabia (Reuters) — South Korea’s Hyundai Motor Group will build a car plant in Saudi Arabia jointly with the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, South Korea’s President Yoon Suk Yeol said on Sunday.
Yoon was speaking in Riyadh, where the PIF and Hyundai signed the agreement on the plant, which will have an annual production capacity of 50,000 electric and gas-powered cars and will be the first South Korean automobile factory in the Middle East, the South Korean industry ministry said in a statement.