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Report: Saudi university to start $500 million carmaking enterprise

by Noah Joseph (RSS feed) on Dec 27th, 2010 at 1:29PM

Few took them seriously when the students of King Saud University unveiled their first design in Geneva last March. But the Saudi institute of higher education is reportedly putting their plans to begin producing their own line of automobiles into high gear. According to Reuters, the project is being undertaken by the university's investment arm, Wadi al-Riyadh Technology, with technical and financial support from an as-yet undisclosed South Korean firm. Could Hyundai/Kia be behind the effort? Hard to say, but whoever it is, they're tipped to be putting up 30 percent of the cash, in... Read More

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