At the US–Saudi Investment Forum in Washington, D.C., the Ministry of Investment of Saudi Arabia (MISA), the National Industrial Development Center (NIDC), Stellantis and Petromin Corporation signed a four-party Memorandum of Understanding on November 19 to explore establishing a vehicle manufacturing project in the Kingdom.

The signing, which took place at the John F. Kennedy Center, aims to strengthen economic ties between Saudi Arabia and the United States and supports ongoing efforts to expand investment cooperation across sectors, including energy, technology, financial services, infrastructure, and healthcare.

The agreement also aligns with Saudi Arabia’s Vision 2030 goals to build a competitive manufacturing base and develop an advanced automotive ecosystem.

Under the MoU, the partners will study the feasibility of establishing a plant to localize production of commercial and passenger vehicles, using Stellantis’ portfolio of American brands. The project aims to boost local content in the automotive sector and support the Kingdom’s plans to build a sustainable and competitive industry.

MISA and NIDC will provide the industrial framework and advance the goals of the National Industrial Strategy, which include expanding the automotive value chain and attracting technology-driven investment. Petromin will join as a prospective investor, contributing its market and operational expertise, while Stellantis will lead localization efforts with a focus on electrification, supply chain integration and regional self-sufficiency.

The MoU builds on a Business Collaboration Agreement signed earlier this year between Stellantis and Petromin, advancing their shared plan to develop a long-term industrial presence in Saudi Arabia.

His Excellency Dr. Abdullah Al-Dubaikhi, Assistant Minister of Investment, said the agreement highlights Saudi Arabia’s attractiveness to global investors and supports efforts to expand foreign investment in priority sectors such as automotive manufacturing. He added that MISA will fully support the partnership.

Saleh Al-Solami, CEO of NIDC, said the collaboration advances plans to build a regional production hub by combining global technology with local market strengths.