Hyundai to set up a $500 million EV plant in Saudi Arabia

In a major boost for Saudi Arabia's growing automotive sector, Hyundai has announced plans to build an electric vehicle manufacturing plant in the country.

The $500 million plant, which is expected to be built with the help of the Saudi sovereign wealth fund, will produce electric vehicles for the Saudi market and beyond, as part of the Saudi government's ambitious plan to diversify its economy away from oil and gas and create jobs for young Saudis.