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Fortune
Fortune
Christiaan Hetzner

Saudi crown prince Mohammed bin Salman’s 2030 growth plan bears fruit as Hyundai inks deal to join Lucid as next carmaker in the Gulf

Saudi crown prince Mohammed bin Salman (Credit: Bertrand Guay—AFP/Getty Images)

In his race to diversify Saudi Arabia’s oil-dependent economy away from black gold, Crown Prince Mohammed bin Salman just won a major victory. 

Starting as early as 2026, Hyundai expects to begin local production of up to 50,000 combustion engine and electric vehicle cars annually with the help of an investment estimated to exceed half a billion dollars. 

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