PIF and Hyundai team up to manufacture EVs: Saudi sovereign wealth fund the Public Investment Fund (PIF) and Hyundai Motor Company signed a JV agreement to establish a USD 500 mn highly automated vehicle manufacturing plant in the kingdom, according to a statement. PIF will have a 70% stake in the venture while Huyndai will hold the remaining 30% in addition to providing technical and commercial expertise.

The details: The plant will have a manufacturing capacity of 50k vehicles annually including both internal combustion engines and EVs, without disclosing how much of the annual output will be EVs. Construction is expected to start in 2024 and production in 2026.

We knew this was coming: Hyundai announced in September that it is planning to ink a formal agreement with Saudi Arabia to set up an EV assembly plant in the country. KSA also signed an MoU with Hyundai Motor Company for the construction of an EV and internal combustion engine manufacturing plant in January

What they said: "Our investment in vehicle manufacturing with Hyundai Motor Company is a pivotal milestone, aligning closely with our existing stakes in Lucid and Ceer Motors, and amplifying the breadth of Saudi Arabia's automotive and mobility value chain,” deputy governor and head of MENA Investments at PIF Yazeed A. Al-Humied said.

It’s been a busy month for KSA: PIF and the Saudi Electricity Company (SEC) launched the Electric Vehicle Infrastructure Company earlier this month to expand fast-charging infrastructure across the kingdom. PIF also launched Tasaru Mobility Investments, which focuses on strengthening the local supply chain for electric and autonomous vehicles.

ALSO- Hyundai wants to work on hydrogen-based mobility: Hyundai Moors signed an MoU with Korea Automotive Technology Institute (KATECH), Air Products Qudra (APQ), and the Saudi Public Transport Company (SAPTCO) to establish and develop an ecosystem for hydrogen-based mobility in Saudi, according to a statement. The collaboration will promote demonstration projects for hydrogen-fuel cell commercial vehicles. The partnership will see Hyundai provide hydrogen fuel cell commercial vehicles to SAPTCO, KATECH explore further research and development avenues, and APQ secure the hydrogen supply in the kingdom, the statement notes.