Hyundai Motor Group Expands Cooperation with Saudi Arabia, Embracing Future Business Opportunities

Hyundai Motor Group Chairman Chung Euisun has been making headlines with his recent visit to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman to discuss collaborative projects and plans as partners to realize the country's future vision, including mobility. The visit marks a significant milestone in the company's expansion into the Middle East, as Saudi Arabia pursues its national development project "Vision 2030" to diversify its industrial structure into manufacturing and hydrogen energy.

Saudi Arabia is actively attracting global automakers, including Hyundai Motor Company, to strengthen its automotive industry, with the kingdom aiming to become an automotive hub encompassing not only the Middle East but also North Africa. Hyundai Motor Group is building a Hyundai Motor production plant in Saudi Arabia and is actively expanding collaboration with major Saudi organizations and companies.

Chairman Chung Euisun expressed his gratitude to the Saudi Arabian government for its continued interest and support for Hyundai Motor Group, and explained Hyundai Motor Group's ongoing collaborative projects and plans as a cooperative partner to realize Saudi Arabia's future vision. Regarding HMMME (Hyundai Motor Saudi Arabian production subsidiary, Hyundai Motor Manufacturing Middle East), which is currently under construction, Chairman Chung Euisun said, "Hyundai Motor Group is building a local, customized plant with specialized facilities to meet Saudi Arabian industrial demand and customer needs," and "We will also consider expanding production capacity in consideration of future market conditions."

Key Takeaways:

• Hyundai Motor Group Chairman Chung Euisun visited Saudi Arabia to review local growth strategy and explore future business opportunities.
• Saudi Arabia is pursuing its national development project "Vision 2030" to diversify its industrial structure into manufacturing and hydrogen energy.
• Chairman Chung Euisun expressed gratitude for Saudi Arabian government's interest and support for Hyundai Motor Group and explained collaborative projects and plans.
• Hyundai Motor Group is building a Hyundai Motor production plant in Saudi Arabia and actively expanding collaboration with major Saudi organizations and companies.
• HMMME is Hyundai Motor Company's first production base in the Middle East and a key facility for Hyundai Motor Company's growth as a leading brand in Saudi Arabia.
• The plant has an annual production capacity of 50,000 vehicles, producing both electric and internal combustion engine vehicles.
• Hyundai Motor Company plans to establish itself as Saudi Arabia's largest automobile company in the future, based on increased brand favorability and stable supply built through its Saudi Arabian production base.
• The company will target Saudi Arabian customers by operating special editions exclusively for Saudi Arabia, expanding customer-preferred SUV lineup, and launching new eco-friendly vehicles, including EVs, EREVs (extended-range electric vehicles), and HEVs.
• Kia Motors continues to see growth in Saudi Arabia this year, selling a total of 149,604 units as of September, an 8.5% increase over the same period last year.

Statistics:

• Hyundai Motor Group is building a Hyundai Motor production plant in Saudi Arabia.
• The plant has an annual production capacity of 50,000 vehicles, producing both electric and internal combustion engine vehicles.
• Hyundai Motor Company sold a total of 149,604 units in Saudi Arabia as of September, an 8.5% increase over the same period last year.
• The company plans to sell approximately 210,000 units by the end of the year, a 5.9% increase over the previous year.

Sources:

• Hyundai Motor Group Press Release, October 28.
• Hyundai Motor Group Business Agreement with Saudi Arabia's NEOM, September.
• Hyundai Motor Group Business Agreement with RSG, March 2019.
• Kia Motors, Tasman Launch Announcement, 2023.
• Misk Foundation, Partnership Announcement with Hyundai Motor Group, 2023.