Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has announced the launch of a new company to develop local supply chain capabilities for the automotive and mobility industry in the kingdom. The company, named Tasaru Mobility Investments, 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.
Tasaru Mobility Investments to drive strategic investments and partnerships
Tasaru Mobility Investments will drive strategic investments and partnerships with both local and global private sector companies, leveraging special economic zone advantages and playing a pivotal role in attracting global suppliers and enhancing trade. The company will also seek to create synergies with PIF’s existing portfolio companies in the automotive and mobility sectors, such as Lucid Motors, Ceer, Uber, and Virgin Hyperloop.
The launch of Tasaru Mobility Investments is in line with PIF’s strategy to expand Saudi Arabia’s automotive capabilities to make the country competitive on the world stage, and ultimately position it as a global leader in the sector. The launch also aligns with the kingdom’s Vision 2030, which aims to diversify the economy, create jobs, and reduce dependence on oil revenues.
Michael Müller appointed as CEO of Tasaru Mobility Investments
PIF has appointed Michael Müller as the Chief Executive Officer of Tasaru Mobility Investments. He brings more than 25 years of experience in the automotive industry, having previously held senior management positions at Porsche AG and Volkswagen Group, including heading up both brands in Saudi Arabia, and CEO of Porsche in Central and Eastern Europe.
Müller said: “I am honored to lead Tasaru Mobility Investments, which will play a key role in developing Saudi Arabia’s automotive and mobility industry. We have a clear vision to create a world-class ecosystem that will enable the kingdom to become a global hub for innovation and excellence in this vital sector. We look forward to working with our partners and stakeholders to achieve our ambitious goals.”
Tasaru Mobility Investments announces first investment in automotive logistics hub
The company’s first investment is a joint venture with Zamil Group Real Estate Company, Abdullah Ibrahim Alkhorayef Sons Company and Dar Al-Himmah Projects Company Limited to develop an automotive logistics hub in King Abdullah Economic City (KAEC), which will serve the aftermarket parts industry. The hub will span an area of 1.2 million square meters and will include warehouses, workshops, showrooms, offices, and other facilities.
The hub will provide integrated solutions for the storage, distribution, maintenance, and repair of vehicles and spare parts, as well as offer value-added services such as customs clearance, quality control, and inventory management. The hub will also support the development of KAEC as a regional logistics hub that connects Asia, Europe, and Africa.
PIF invests in the future of mobility through Lucid Motors and Ceer
PIF has made significant investments in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn, as well as investing in US-based Lucid Motors. On September 27, Lucid announced that its first international manufacturing plant, also situated in KAEC, had opened with plans to eventually produce up to 155,000 vehicles per year.
Lucid Motors is a leader in luxury electric vehicles that offer high performance, efficiency, and innovation. The company’s flagship model, the Lucid Air sedan, has been praised for its sleek design, advanced technology, and impressive range of over 800 kilometers on a single charge. Lucid Motors is also developing an electric SUV called the Lucid Gravity.
Ceer is Saudi Arabia’s first national electric vehicle brand that aims to produce affordable and high-quality vehicles for the local and regional markets. The brand was launched in July 2023 by PIF and Foxconn Technology Group, a global leader in smart manufacturing. Ceer plans to leverage Foxconn’s expertise in design, engineering, supply chain management, and production to create vehicles that meet the needs and preferences of Saudi consumers.
