Hyundai to Build Cars in Saudi Arabia, Advancing Country's Push to Diversify from Oil

Hyundai plans to build up to 50,000 cars annually in Saudi Arabia starting in 2026 as part of a new joint venture with the kingdom's Public Investment Fund.

The deal is a victory for Crown Prince Mohammed bin Salman's Vision 2030 plan to diversify Saudi Arabia's oil-dependent economy.

Hyundai joins EV maker Lucid Motors in setting up an auto manufacturing facility in Saudi Arabia.

Attracting automakers helps Saudi Arabia develop skills and manufacturing capabilities beyond oil production.

As global oil demand peaks, Saudi Arabia aims to reduce reliance on oil revenue to ensure continued stability.