Hyundai Motor Group chairman Chung Eui-sun visited Saudi Arabia, the Middle East's largest economy that is pursuing a major transformation of its industrial structure. He met with Crown Prince Mohammed bin Salman, the prime minister of Saudi Arabia, reviewed Hyundai Motor Group's local growth strategy and explored future business opportunities with Saudi Arabia.
Saudi Arabia is promoting the national development project "Vision 2030" to diversify its traditionally energy-centered industrial structure into manufacturing, hydrogen energy and other sectors, and is carrying out influential projects across a wide range of areas including the automotive industry. It is one of the countries receiving the most international attention, hosting global events such as expos and the World Cup.
Saudi Arabia is also the largest car market in the Middle East. Centered on sovereign wealth funds, Saudi Arabia is working to attract global automakers including Hyundai Motor to strengthen its automotive industry, and has set a goal of emerging over the medium to long term as an automotive hub covering not only the Middle East but also the North Africa region.
Hyundai Motor Group is building a Hyundai Motor production plant in Saudi Arabia and is actively expanding collaboration with major Saudi institutions and corporations.
On the 27th local time, Chung Eui-sun met Crown Prince Mohammed bin Salman at the Ritz-Carlton hotel in Riyadh and exchanged wide-ranging views on areas such as the automotive industry and Smart City. Although Chung Eui-sun and Crown Prince Mohammed bin Salman have met twice before, including during the crown prince's visit to Korea in 2022, this was their first one-on-one meeting. Crown Prince Mohammed bin Salman, who enjoys support from young Saudis for his innovative and bold reform policies, is leading the national development project "Vision 2030" to diversify the country's energy-centered industrial structure into manufacturing and hydrogen energy.
Chung Eui-sun expressed gratitude for the Saudi government's continued interest and support for Hyundai Motor Group and explained the collaborative projects and plans Hyundai Motor Group is undertaking as a partner to help realize Saudi Arabia's future vision.
Chung Eui-sun said of HMMME (Hyundai Motor Manufacturing Middle East), the Hyundai Motor Saudi production subsidiary currently under construction, "Hyundai Motor Group is building a locally customized plant with specialized equipment to meet Saudi Arabia's industrial demand and customer needs," and added, "We will consider expanding production capacity in the future in light of market conditions."
Chung Eui-sun also exchanged views on the national-level "Saudi Arabia Vision 2030" being pursued under the leadership of Crown Prince Mohammed bin Salman. Chung said, "I deeply understand the meaning and importance of Saudi Arabia Vision 2030, and based on Hyundai Motor Group's competitive business capabilities, we are participating in Saudi Arabia's giga projects."
Chung Eui-sun also expressed expectations for expanded cooperation between Hyundai Motor Group and Saudi Arabia in future energy fields. Chung said, "Hyundai Motor Group looks forward to diversified business cooperation in next-generation energy areas such as renewable energy, hydrogen, SMR and nuclear power."
Ahead of the meeting with Crown Prince Mohammed bin Salman, Chung Eui-sun visited HMMME located in the King Salman Automotive Cluster on the 26th to tour the new plant construction site. He then received business reports from Hyundai Motor and Kia and held in-depth discussions with local executives and employees about growth strategy. Hyundai Motor President José Muñoz accompanied him on the HMMME visit that day.
HMMME is Hyundai Motor's first production base in the Middle East and is a key plant for Hyundai Motor to become a representative brand in Saudi Arabia. Hyundai Motor holds 30% and Saudi sovereign wealth funds hold 70% of the equity, and construction began in May this year with a goal of starting operations in the fourth quarter of 2026. Annual production capacity is 50,000 vehicles, and it will mix production of electric vehicles and internal combustion engine vehicles.
HMMME is expected to play a central role in the growth and development of Saudi Arabia's mobility ecosystem by combining Hyundai Motor's innovative manufacturing technologies with Saudi Arabia's talented workforce and infrastructure.
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