Hyundai sets sights on Saudi Arabian EV plant to spearhead Middle Eastern rollout
Korea’s top automaker, Hyundai, is looking to tap into Saudi Arabia’s post-oil era with a dedicated EV assembly plant in the region.
Following a new report from The Wall Street Journal claiming Tesla and Saudi Arabia are in early talks to build an EV factory (which Elon Musk has denied, calling it “utterly false”), it looks like “The Kingdom” has found another auto partner.
Hyundai is set to build a new EV assembly plant in Saudi Arabia as the country prepares for the post-oil era.
The Korean automaker signed an MOU with Saudi’s Ministry of Industry and Mineral Resources to build a facility for assembling EVs earlier this year.
Under the agreement, Hyundai plans to ship semiproduced electric cars and parts to Saudi Arabia to assemble them using a completely knocked down (CKD) system.
According to industry sources on Monday (via The Korean Economic Daily Global), the two parties are expected to finalize a deal when Chung Euisum, Hyundai Motor Group chair, visits the nation next month.
Once a deal is reached, Hyundai will be the first Korean automaker with an assembly plant in the Middle East. Hyundai is already the second-largest carmaker in Saudi Arabia, behind Toyota, with over 47,000 vehicles sold in the first half of 2023.
Hyundai eyes Saudi EV plant as post-oil era approaches
Industry officials say an EV plant in Saudi would act as Hyundai’s entry point into the Middle East as it diversifies away from oil.
Hyundai and its affiliates are already establishing a network in the country. Hyundai KEFICO Corp recently signed a 250 billion won ($189 million) deal with Ceer Motors for EMS and power conversion systems.
Saudi Arabia’s Public Investment Fund (PIF) revealed it was launching Ceer, its own electric car brand, in collaboration with Foxconn and BMW last year.
PIF is also the largest shareholder in American EV maker, Lucid Motors, owning around 61% of the company’s common stock. The fund has invested about $9 billion in Lucid to date.
Lucid has plans of its own to build an EV plant in the country with a 150,000-unit annual capacity by 2024. According to industry officials, Lucid will likely source batteries from LG Energy Solution, another Korean company.
Electrek’s Take
As part of the nation’s “Vision 2030“ plan, Mohammed bin Salman, the crown prince and prime minister, is vowing to attract advanced EVs while boosting non-oil GDP to 50% from around 16% today.
The world’s largest oil producer aims for a third of all cars in its capital city of Riyadh to be electric by 2030.
As EVs continue rolling out at a record pace, Saudi Arabia looks to protect its economic interest as it prepares for a drastic industry shake-up. Meanwhile, Hyundai sees the transition coming and looks to hop on the trend sooner rather than later.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Model S/X “refresh”, robotaxi service is coming, a new EV price war in China, and more.
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Kia’s electric SUV has already become a hit in several overseas markets. The EV5 is now arriving as the first electric Kia to be assembled in Singapore, as it rolls out to new global markets.
Kia EV5 arrives as its first locally made EV in Singapore
Shortly after its introduction at the 2023 Chengdu Motor Show, Kia launched the EV5 in China, with prices starting at about 20,000 (149,800 yuan).
Kia is now seeing a full-on recovery in China, largely thanks to the new electric SUV. Its joint venture partner in China, Yueda Kia, ranked first in sales growth among JV brands.
In China, Kia sold over 248,000 vehicles last year, the first time it has crossed the 200,000 mark since 2020. The EV5 is made at Yueda Kia’s manufacturing plant in China and exported to overseas markets like Australia and Thailand.
In fact, the EV5 is currently the fourth best-selling EV in Australia this year through April, ahead of every BYD vehicle.
The EV5 is slightly smaller than the Tesla Model Y at 4,615 mm in length, 1,875 mm in width, and 1,715 mm in height.
After launching the EV5 in Singapore on May 28, Kia hit a milestone. The electric SUV arrives as Kia’s first locally assembled EV in the region.
The EV5 was officially launched during an event at Hyundai Motor Innovation Groupe Centre Singapore, where it will be made. It will join other Hyundai Motor electric cars, including the IONIQ 5 and IONIQ 6. Hyundai also builds the IONIQ 5 robotaxi here and exports it to the US.
Kia’s distributor, Cycle and Carriage, will sell the EV5 in three variants: Air, Earth, and a sporty GT-line. Two battery sizes will be available, 64.2 kWh and 88.1 kWh, providing range of 400 km and 540 km, respectively.
Prices for the base Air trim start at $194,000 (SDG), including COE. The Earth and GT-Line models start at $210,500 (SDG) and $260,000 (SDG) with COE.
Later this year, Kia will launch the global version of the EV5, which will be made at its Autoland Gwangju manufacturing plant in South Korea. It will be sold in overseas markets, including Europe and Canada, but not the US.
Kia confirmed the EV5 will be “exclusively for the Canadian market” in North America. It will be available in FWD and AWD powertrains. Two battery sizes will be offered: 60.3 kWh or 81.4 kWh, providing a range of up to 500 km (310 miles).
Source: Cycle & Carriage Kia Pte Ltd, The Straits Times
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Do we smell a three-peat? The team at Ford Performance is once again competing at the annual Pikes Peak International Hill Climb, and this year is bringing a “Super” version of the all-electric Mustang Mach-E… At least we think there’s a Mach-E in there somewhere.
Pikes Peak—the “Race to the Clouds.” This annual event spanning 12.42 miles to an elevation of over 14,000 feet in the mountains above Colorado has been celebrated for over 100 years. While its hill climb is rooted in tradition and traditional vehicles, it has become an annual opportunity for EV engineers to showcase how much better all-electric models can be.
Last year, Rivian, Hyundai, and Ford Performance all impressed, with the former two automakers snagging records for their vehicle types, while Ford’s “F-150 Supertruck” took the “King of the Mountain” crown for the fastest climb of the day.
This past January, we learned that Ford Performance planned to defend its title at Pikes Peak with its third all-electric demonstrator in as many years. At the time, we only saw a sheeted vehicle that appeared to be relatively low with a massive spoiler, but the glowing front emblem left no doubt that it was a modified version of the Mustang Mach-E.
Today, Ford Performance unveiled the BEV it will use to climb Pikes Peak, which it is calling the Super Mustang Mach-E. Have a gander.
Super Mach-E will try to hold Ford’s Pikes Peak crown
Ford Performance shared the images seen above in an Instagram post with the following caption:
12 miles of mountain road. 156 turns. 14,115 feet of elevation. This is the @pikespeakhillclimb, and we’re bringing 6,125 lbs of downforce — and @romaindumas_official — to take it on with the Super Mustang Mach-E.
From the post, we’ve learned the Super Mustang Mach-E will be driven up Pikes Peak by none other than veteran French racer Romain Dumas. Dumas has a wealth of experience in some of the world’s largest (and longest) races, including the 24 Hours of Le Mans, Nürburgring 24 Hours, and the 24 Hours of Daytona.
He has been contracted to Ford Performance since 2022 and has won two of his five Hill Climb victories with the American automaker in the past two years (although the 2023 SuperVan victory was in the division and second overall). Could Dumas tally his sixth career victory at Pike Peak with a three-peat with Ford in the Super Mustang Mach-E?
Ford Performance and Romain Dumas have shown they can do it, so it’s a serious possibility. We will find out on June 22, 2025, when the 103rd running of the Pikes Peak International Hill Climb takes place.
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