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Hyundai Denies Plan for Factory in Saudi Arabia
Hyundai Motor Co. dismisses a local news report that the company plans to build an assembly plant in Saudi Arabia.
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Hyundai Motor Co. dismisses a local news report that the company plans to build an assembly plant in Saudi Arabia.
A Saudi cabinet member, Mohammad Al-Tuwaijri, told South Korea’s Yonhap News Agency the Hyundai was in “advanced” discussions about the factory. He also says the local car market has the potential to expand from 300,000 units currently to 2 million vehicles.
But Hyundai tells the Korea Herald it has no plans for a Saudi investment or manufacturing plant.
The region is the third-largest market for Hyundai’s Genesis luxury brand, after Korea and the U.S., according to the newspaper. It says the Saudi car market today is divided between luxury vehicles and inexpensive small cars, with little demand for moderately priced midsize cars.
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