Hyundai Launches First Car Factory in Mideast for Middle East Expansion [MBN News7]

Описание: Translated and dubbed using AI.
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【 Anchor Comment 】
Hyundai Motor is establishing its first complete car factory in the Middle East in Saudi Arabia.
This will serve as a stepping stone to expand into not only Saudi Arabia, the largest automotive market in the Middle East, but also the entire Middle Eastern market.
Kim Tae-il reports from Saudi Arabia.

【 Reporter 】
This is King Abdullah Economic City, located 124 km from Jeddah, the second largest city in Saudi Arabia.

Hyundai Motor is building the first complete car production base in the Middle East by creating a joint venture with the Saudi Public Investment Fund.

▶ Standing: Kim Tae-il / Reporter (Saudi Arabia)
"By 2026, a factory capable of producing 50,000 cars annually will be completed here. It will produce not only internal combustion engine vehicles but also electric vehicles, serving as a forward base aimed at Saudi Arabia, the largest automotive market in the Middle East."

To dispel concerns related to the geographical characteristics of the desert region, quality will be prioritized, and an automated system will also be introduced.

▶ Interview: Jang Jae-hoon / Vice Chairman of Hyundai Motor Group
"Looking at Saudi Arabia and the GCC (Gulf Cooperation Council) countries, and considering the influence on North Africa and the overall direction, the establishment of a factory in Saudi Arabia holds significant meaning."

Saudi Arabia is considered a core region, accounting for about a quarter of the total Middle Eastern market.

While Japan's Toyota holds the top market share with 28%, Hyundai Motor, Kia, and Nissan are in pursuit, leading to a competitive pride between Korea and Japan.

▶ Interview: Tamar Al Hakim / Deputy General Manager of a Saudi Arabian dealership
"Korean cars are increasingly favored over Japanese cars in Saudi Arabia due to better design and lower prices."

Hyundai Motor is increasing its market share in Saudi Arabia by offering both price and quality, contributing to the overall growth rate of the Middle Eastern market.

Moreover, along with overseas investments, there are plans to continuously increase domestic investments to create synergies in various areas.

Reporting from Jeddah, Saudi Arabia, this is MBN News' Kim Tae-il.