ISTANBUL

The South Korean automotive giant Hyundai will open a factory in Saudi Arabia with a total investment exceeding $500 million.    

According to a Monday press release by the firm, the factory will produce vehicles with both electric and internal-combustion engines.

A total of 70% of the factory will be owned by Saudi Arabia Public Investment Fund (PIF) and 30% by Hyundai.

The plant is expected to begin production in 2026; the planned production target is 50,000 units per year.