The Ministry of Investment of Saudi Arabia, the National Industrial Development Center, Stellantis, and Petromin Corporation have signed a memorandum of understanding to explore establishing a vehicle manufacturing project in Saudi Arabia. The agreement, signed during the US-Saudi Investment Forum in Washington D.C., aims to assess the feasibility of localizing both commercial and passenger vehicle production, leveraging Stellantis' brand portfolio. This initiative aligns with Saudi Arabia's Vision 2030, seeking to transform the Kingdom into a regional hub for advanced manufacturing and innovation, while boosting localization rates and supporting the growth of the automotive sector.

Each partner brings unique strengths: the Ministry of Investment and the National Industrial Development Center will support industrial development and build a robust automotive value chain; Petromin will contribute market knowledge and investment; and Stellantis will lead efforts in localizing production and electrification. The collaboration is expected to generate employment, strengthen supply chains, and foster small and medium-sized enterprises, reinforcing Saudi Arabia's ambitions in the automotive industry.