Hyundai Motor Group has agreed to help ‘nurture’ Saudi Arabia’s nascent automotive industry, according to a statement made by the kingdom’s industry ministry.
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According to local reports, the two parties signed a memorandum of understanding (MOU) at the end of last year “to advance automotive production in the kingdom”.
The agreement follows a series of meetings held in South Korea in November between Saudi Crown Prince Mohammed bin Salman and local industry leaders including Hyundai Motor Group’s Chairman Euisun Chung and Samsung Electronics Executive Chairman Lee Jae-yon.
During his visit, the Saudi Crown Prince and South Korean President Yoon Suk Yeol vowed to enhance bilateral cooperation in a wide range of industries including infrastructure, manufacturing and energy.
Last September South Korean automaker Ssangyong Motor Company finalised a deal to supply 170,000 semi-knocked down Rexton SUV kits to Saudi National Automobiles Manufacturing Company for local assembly over a seven-year period starting in 2023.
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By GlobalDataIn December Japanese truck maker Mitsubishi Fuso announced that local assembly of its Canter light truck had begun at a facility operated by National Automobile Industries, a joint venture between local distributor Juffali Commercial Vehicles and Daimler Truck AG.
Chinese electric vehicle (EV) startup Enovate Motors said it had signed a deal during Chinese president Xi Jinping’s recent visit to the kingdom to assemble its vehicles in Saudi Arabia. The company said it plans to invest US$500m in an integrated assembly plant and R&D centre with annual production capacity of 100,000 EVs per year.
