PIF and Hyundai Motor Company have agreed to form a joint venture to build a highly automated vehicle manufacturing plant in Saudi Arabia. The project's total investment is expected to exceed $500 million. With a capacity of 50,000 vehicles per year, the plant will produce both internal combustion engines and electric vehicles. The collaboration aims to accelerate the development of Saudi Arabia's automotive industry and attract additional investments to the sector and the economy as a whole.

The PIF-Hyundai Motor Company joint venture aims to accelerate the development of Saudi Arabia's automotive industry and attract additional investments to the sector and the wider economy. The manufacturing plant will create new jobs and facilitate the transfer of knowledge and expertise, contributing to the expansion of Saudi Arabia's automotive and mobility ecosystem.

PIF will own 70% of the joint venture, while Hyundai will own the remaining 30%. Hyundai will also serve as a strategic technology partner, providing technical and commercial assistance to the new manufacturing plant's development. This collaboration will capitalise on Hyundai's global automotive leadership in order to localise manufacturing in Saudi Arabia.