Riyadh – Asdaf News:
Public Investment Fund (PIF) launched The National Automotive and Mobility Investment Company (Tasaru Mobility Investments), an investment firm focusing on building local supply chain capabilities for the automotive and mobility industry in Saudi Arabia, today.
Tasaru Mobility Investments will promote strategic collaborations and investments with domestic and international private sector businesses. Through the localization of manufacturing know-how and the newest cutting-edge technologies that will speed up the development of Saudi Arabia’s electric car and autonomous mobility ecosystem, it seeks to boost sector growth and deliver long-term profits. The Company will support Saudi Arabia’s broader efforts to become a worldwide leader in this crucial industry by strengthening local capabilities.
The establishment of Tasaru Mobility Investments is consistent with PIF’s plan to strengthen Saudi Arabia’s automotive skills in order to make the nation competitive on the international stage and ultimately establish it as a sector leader. PIF has made large investments in the future of transportation, including funding US-based Lucid Motors and creating Ceer, Saudi Arabia’s first national electric vehicle brand, in collaboration with Foxconn. On September 27, Lucid declared the opening of its first global manufacturing facility, which is likewise located at KAEC and has the capacity to potentially produce up to 155,000 vehicles annually.
