Saudi Arabia Expanding Auto Making Ambitions With New Hyundai Plant

Lucid’s Saudi Arabian plant is getting some company as Hyundai has announced plans to establish a “highly automated” manufacturing facility in the country.

The move comes after Hyundai and Saudi Arabia’s Public Investment Fund (PIF) signed a joint venture agreement. The company didn’t go into specifics, but the investment fund will hold a 70% stake in the joint venture and is likely putting up a lot of the money for the plant, which is expected to cost more than $500 million (£408 / €468).

Read Article