Saudi Arabia’s sovereign wealth fund has established a new company focused on developing local supply chain capabilities for the kingdom’s automotive and mobility industries.
The Public Investment Fund (PIF) on Tuesday launched the National Automotive and Mobility Investment Company (Tasar Mobility Investment) to drive strategic investments and partnerships with both local and global private companies. become.
Its launch is in line with PIF’s strategy to expand the oil-rich kingdom’s automotive capacity.
PIF has hired Michael Müller, who previously worked at Porsche AG and the Volkswagen Group, as CEO of Tassal.
Tasar’s first investment is a joint venture with Zamir Group Real Estate Company, Abdullah Ibrahim Alkhorayev Sands Company and Dar Al-Himma Project Company Limited, in King Abdullah Economic City (KAEC). The project aims to develop an automotive logistics hub serving the aftermarket parts industry.
The fund has made significant investments in the future of mobility, including partnering with Foxconn to establish Ceer, the Kingdom’s first national electric vehicle brand.
US-based Lucid Motors, which is more than 60% owned by PIF, will open its first international manufacturing plant in KAEC with plans to eventually produce up to 155,000 vehicles a year.
(Writing: Brinda Darasha; Editing: Sevan Scalia)
brinda.darasha@lseg.com