PIF introduces Tasaru Mobility Investments, boosting automotive and mobility industry
Riyadh, October 10, 2023, The Public Investment Fund (PIF) has unveiled the National Automotive and Mobility Investment Company, known as Tasaru Mobility Investments. This newly established investment firm is dedicated to fostering the growth of local supply chain capabilities within Saudi Arabia's automotive and mobility industry.
Tasaru Mobility Investments is set to play a pivotal role by spearheading strategic investments and forming partnerships with both local and international private sector entities. Its primary mission is to bolster sector expansion and deliver sustainable returns by facilitating the localization of manufacturing expertise and cutting-edge technologies. These initiatives are expected to accelerate the development of Saudi Arabia's electric vehicle and autonomous mobility ecosystem, bolstering the nation's ambitions to assume a leadership position in this critical industry.
The launch of Tasaru Mobility Investments aligns seamlessly with PIF's strategic vision to elevate Saudi Arabia's automotive capabilities, making it a formidable player on the global stage and ultimately positioning it as a leader in the sector. PIF has already made substantial investments in the future of mobility, which includes the establishment of Ceer, Saudi Arabia's first national electric vehicle brand, in collaboration with Foxconn, as well as investments in Lucid Motors, a US-based electric vehicle manufacturer. Notably, Lucid Motors recently opened its first international manufacturing plant in King Abdullah Economic City (KAEC), with plans to produce up to 155,000 vehicles annually.
To spearhead this ambitious venture, Michael Müller has been appointed as the Chief Executive Officer (CEO) of Tasaru Mobility Investments. Müller brings over 25 years of experience in the automotive industry, having held senior management positions at Porsche AG and Volkswagen Group, including leading both brands in Saudi Arabia and serving as the CEO of Porsche in Central and Eastern Europe.
The inaugural investment for the company involves a partnership with Zamil Group Real Estate Company, Abdullah Ibrahim Alkhorayef Sons Company, and Dar Al-Himmah Projects Company Limited. This collaboration aims to develop an automotive logistics hub within KAEC, catering to the aftermarket parts industry. Tasaru Mobility Investments will assume a majority stake in this new venture, capitalizing on the advantages of a special economic zone and playing a pivotal role in attracting global suppliers while boosting trade. This endeavor is in line with KAEC's aspirations to evolve into a hub for automotive manufacturing and logistics.
Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF and Chairman of Tasaru Mobility Investments, stated, "Through a combination of strategic investments and private sector partnerships, Tasaru Mobility Investments aims to enhance the local supply chain and manufacturing capabilities to strengthen the end-to-end ecosystem for Saudi Arabia’s electric vehicle and autonomous mobility industries."
Moreover, Tasaru Mobility Investments will actively contribute to research and development, promote the adoption of advanced technologies, and explore sustainable opportunities within the sector. By expediting the transition to electric vehicles and future mobility solutions, the company will make a substantial contribution towards Saudi Arabia's environmental goals, including the net-zero 2060 target, as well as PIF's own net-zero 2050 objective.