Hyundai and PIF building automotive plant in Saudi Arabia to boost local vehicle financing

From Yahoo Finance: 2025-05-19 05:11:00

Hyundai and PIF are constructing a new automotive manufacturing facility in Saudi Arabia’s King Salman Automotive Cluster, with an annual capacity of 50,000 vehicles. The majority of output will target the domestic market, aiming to boost local vehicle financing and support government procurement schemes.

Saudi Arabia’s National Industrial Strategy includes the new facility to localize production and attract global OEMs. The plant’s output will contribute to the Kingdom’s GDP by 2045. The Local Content and Government Procurement Authority will stimulate demand through large-scale procurement programs, aligning with Vision 2030 localisation targets.

Hyundai’s investment in domestic production aligns with Saudi Arabia’s local content goals. The plant’s output will support PIF’s existing automotive investments, contributing significantly to the Kingdom’s economy by 2045. The facility is expected to drive the local vehicle financing market, presenting new opportunities for lenders and consumers alike.

Read more: Hyundai-PIF Saudi auto plant set to drive local vehicle financing market