Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.
Under the MOU signed in Riyadh, the two companies agreed to work together to test Hyundai Motor Co.‘s electric vehicles and hydrogen-powered cars in the resort complex on the Ummahat Islands and the ultra-luxury Amaala tourist resort on the northwest coast – two mega tourist projects under development by RSG.
Hyundai Motor Group has committed to Saudi Arabia as its strategic hub for the Middle East and Korea-based Hyundai and Kia already control about a fifth of Saudi Arabia’s car market as the No. 2 car seller after Japan’s Toyota Motor.
Last October it also signed a $500 million deal with the Public Investment Found IF, the Saudi sovereign fund, to jointly build a car plant in King Abdullah Economic City (KAEC). The plant, Hyundai’s first EV production site in the Middle East, is expected to serve as its gateway to the region and North Africa.
The factory will also serve Hyundai and its sibling Kia Corp.‘s ambition to sell 55,000 cars annually in the Middle East by 2030 to control 20% of the regional market with their EV lineup.
John Pagano, CEO of Red Sea Global, said, “Hyundai Motor Group is a world leader in sustainable luxury mobility. Through Hyundai’s cutting-edge technology and eco-friendly mobility solutions, we are meeting customers’ expectations for style, comfort and environmental responsibility. At the same time, we’re getting one step closer to carbon neutrality.”
For more click here, here and here.
