23
Oct
07:41
Hyundai signs car manufacturing plant agreement in Saudi
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and South Korea's Hyundai Motor Company have agreed to form a joint venture to build a car manufacturing plant in the kingdom.
PIF will hold a 70% stake in the new JV and Hyundai the remaining 30%. The investment will exceed $500 million, for the production of 50,000 vehicles/year, including both internal combustion engine (ICE) and electric vehicles (EV), Kallanish notes.
The plant…
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