Saudi's PIF forms Tasaru to boost investments into automobile industry
PIF has appointed Michael Muller as CEO of Tasaru, who has previously worked at Porsche AG and Volkswagen Group.
Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), on Tuesday launched Tasaru Mobility Investments, the National Automotive and Mobility Investment Company, to enhance local supply chain capabilities in the automotive and mobility sectors.
The company aims to support sector growth and deliver long-term returns by localising manufacturing expertise and technologies, accelerating Saudi Arabia's electric vehicle and autonomous mobility ecosystem, Zawya reported. The launch aligns with PIF's strategy to enhance the automotive capabilities of Saudi Arabia.
It has appointed Michael Muller as CEO of Tasaru, who has previously worked at Porsche AG and Volkswagen Group.
The fund has announced its first investment, a joint venture with Zamil Group Real Estate Co., Abdullah Ibrahim Alkhorayef Sons Co., and Dar Al-Himmah Projects Co. Ltd. for the development of an automotive logistics hub in King Abdullah Economic City for the aftermarket parts industry.
It has also invested in the future of mobility, setting up Saudi Arabia's first national electric vehicle brand, Ceer, in partnership with Foxconn.
Lucid Motors, a US-owned company with 60% PIF ownership, has opened its first international manufacturing plant in KAEC, aiming to produce up to 155,000 vehicles annually.
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Edited by Suman Singh
