Saudi's Public Investment Fund signs JV agreement with Hyundai Motor Company.
Auto Business News-October 23, 2023--Saudi's Public Investment Fund signs JV agreement with Hyundai Motor Company
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Auto Business News - 23 October 2023
The Public Investment Fund (PIF), a Sudi Arabian wealth fund, has signed a joint venture agreement with South Korea-based Hyundai Motor Company (KSE: 005380) to set up a highly automated vehicle manufacturing plant in Saudi Arabia.
PIF is to hold a 70 percent share in the new joint venture, while Hyundai is to hold the remaining 30 percent share. The automaker will also act as a strategic technology partner to support the development of the new manufacturing plant, by offering technical and commercial assistance. The joint venture is to produce 50,000 vehicles per annum that...
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