Hyundai Motor Group signed a Memorandum of Understanding (MOU) with Red Sea Global (RSG), one of Saudi Arabia's Giga Projects and the programme's lead entity, in Riyadh, Saudi Arabia, on the 24th (local time) to introduce eco-friendly future mobility. The signing ceremony was attended by Hyundai Motor Group's Global Strategy Office (GSO) Future Growth Strategy Division Vice President Dong Gun Lee and RSG CEO John Pagano.
In 2016, the Kingdom launched the Saudi Vision 2030 strategy to shift away from its oil-driven economy and create long-term growth drivers. RSG is one of five officially declared Giga Projects of Saudi Vision 2030, including Neom (a futuristic new city), Qiddiya (an entertainment complex), Roshn (a housing development) and Diriyah (a heritage site development), which aims to create a nature-friendly luxury resort and wellness tourism destination on the Red Sea and western coast.
Through the MOU, Hyundai Motor Group and RSG will cooperate to ▲ demonstrate eco-friendly mobility solutions ▲ identify and promote opportunities for collaboration on future mobility solutions. Hyundai Motor Group will demonstrate electric and hydrogen vehicles at RSG's Ummahat Islands resort complex in the Red Sea region and AMAALA, an eco-friendly wellness tourism complex on the western coast of the Kingdom, to contribute to the expansion of eco-friendly mobility and the creation of an ecosystem in Saudi Arabia. In the medium to long term, we plan to introduce future mobility solutions such as AAM and autonomous driving across RSG developments.
Last year, Hyundai Motor Group signed an investment agreement with Saudi Arabia's sovereign wealth fund to build a CKD joint venture plant in King Abdullah Economic City (KAEC) with a capacity to produce 50,000 vehicles per year, including electric vehicles. At the same time, the company has also signed a collaboration agreement with the Saudi Bus Public Transport Company and enterprises to create a hydrogen mobility ecosystem to further promote green energy in the Kingdom.
"Through this MOU, we will explore various opportunities for collaboration that leverage the strengths of both companies," said Lee Dong-gun, Executive Vice President of GSO Future Growth Strategy Division, Hyundai Motor Group. "Hyundai Motor Group will continue to pursue various collaborations to secure future growth engines and contribute to the global energy paradigm shift."
"Hyundai Motor Group is a world leader in sustainable luxury mobility," said John Pagano, CEO of RSG. "Our cutting-edge technology and eco-friendly mobility solutions enable us to exceed our customers' expectations for style, comfort and environmental responsibility, while moving one step closer to carbon neutrality."
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