New Era in Automotive Production in Saudi Arabia
The automotive industry has been undergoing a major transformation in recent years. Especially in countries like Saudi Arabia, car manufacturers are opening new factories and accelerating production processes. Lucid Motors, took one of the most important steps in this area by opening “Advanced Manufacturing Facility 2023” in Saudi Arabia in 2. This facility will perform assembly using “pre-fabricated” semi-disassembly kits at Lucid’s main manufacturing facility in Casa Grande, Arizona. However, the goal of this facility is to become a full-fledged manufacturing center within the next decade.
Lucid’s Goals and Role in Saudi Arabia
Lucid to grow Saudi Arabia facility annually 150 thousand vehicles aims to reach production capacity. These vehicles will be sold not only in the Saudi Arabian market but also in international export markets. This will strengthen Saudi Arabia's role in automobile production and contribute to the country's economic diversification goals.
Hyundai's New Factory in the Middle East
Hyundai has laid the foundations of a new factory in King Abdullah Economic City in Saudi Arabia. This facility will be Hyundai’s first production base in the Middle East, having produced the i10, i20 and Bayon models in Türkiye. HyundaiWith this facility, it plans to lay the foundations for becoming a leading brand in Saudi Arabia.
The facility is expected to open in the last quarter of 2026 and 50 thousand units It is expected to have production capacity. Hyundai has not yet announced which vehicles will be produced here, but it has confirmed that vehicles with internal combustion engines as well as electric powertrains will be produced. This shows that Hyundai will also take a serious step towards electric vehicles.
Saudi Arabia Public Investment Fund and Joint Venture
The Hyundai Motor Manufacturing Middle East (HMMME) facility will be established as a joint venture between Hyundai and the Public Investment Fund of Saudi Arabia. Hyundai will have a 30% stake in the partnership, while Saudi Arabia will have a 70% stake. This will increase Saudi Arabia’s influence in automotive manufacturing, while also strengthening Hyundai’s presence in the region.
Saudi Arabia’s Economic Diversification Strategy
Saudi Arabia aims to increase automotive production as part of its national development project known as Vision 2030. This project aims to diversify the economy. Saudi Arabia wants to be less dependent on oil production and create alternative sources of income. Automobile production is also an important part of this strategy.
Investment Trends in the Automotive Sector
In recent years, investment trends in the automotive sector have changed dramatically. Wealth funds are persuading automakers to set up factories in countries like Saudi Arabia. This offers a great opportunity not only for economic diversification but also for local employment and technology transfer.
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Saudi Arabia is becoming a major center for automotive manufacturing, and investments by major automakers such as Lucid and Hyundai are accelerating this process. These developments have great potential for the country’s economic future and the automotive sector. This transformation in the automotive sector will strengthen Saudi Arabia’s position in the global market and enable the country to achieve its economic goals.
