Hyundai Motor Group to Construct CKD Joint Plant for Electric Vehicle Production
Chairman Jeong Jaesun attended the signing ceremony of the CKD (Completely Knocked Down) plant joint investment agreement between Hyundai Motor and Saudi Arabia's Public Investment Fund (PIF) on September 22 (local time).
Hyundai Motor will construct a CKD joint plant in the Saudi King Abdullah Economic City (KAEC), capable of producing 50,000 vehicles annually, including electric cars.
This factory, which will be Hyundai's first electric vehicle production site in the Middle East, is expected to serve as a gateway to this region and North Africa.
This factory will also enable Hyundai and its sister company, Kia, to capture 20% of the regional market in the Middle East by selling 55,000 vehicles annually by 2030 as part of their ambition to expand their EV lineup.
Saudi Arabia's Crown Prince and Prime Minister, Mohammed bin Salman, has expressed his goal to make one-third of all vehicles operating in the Kingdom's capital, Riyadh, electric cars by 2030.
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