South Korean automaker Hyundai Motor company has signed a memorandum of understanding with Saudi Arabia's Ministry of Industry and Mineral Resources to enhance automotive production in the country.
Accordingly, the parties plan to build an electric vehicle and internal combustion engine car manufacturing plant in Saudi Arabia. It will be the first South Korean automobile plant in the Middle East, SteelOrbis understands.
The agreement is in line with the Saudi Arabia government’s strategic goals to develop local manufacturing capabilities and diversify its economic base.
