National Automotive and Mobility Investment Company, known as Tasaru Mobility Investments Tasar, has been launched by PIF

To enhance the expansion of Saudi Arabia's automotive and mobility sector, the Public Investment Fund (PIF) launched the National Automotive and Mobility Investment Company on Tuesday under the name "Tasaru Mobility Investments" (Tasaru). Tasaru Mobility Investments is expected to play a significant role in supporting the growth of regional supply chain capacities. To promote growth and ensure long-term profits, the investment business will strategically partner with domestic and international private sector organisations.

Tasaru is committed to accelerating the development of Saudi Arabia's electric car and autonomous mobility ecosystem by using its localised manufacturing skills and integrating state-of-the-art technology. The business wants to establish Saudi Arabia as a worldwide leader in this important industry by developing indigenous skills.

The founding of Tasaru Mobility Investments is in line with PIF's broad plan to strengthen Saudi Arabia's automotive industry, guarantee its competitiveness internationally, and position the nation as a leader in the field. PIF's substantial investments demonstrate its dedication to the future of mobility. Examples include the establishment of Ceer, Saudi Arabia's leading electric car brand, in partnership with Foxconn, and investments in Lucid Motors, a US-based company.

Tasaru Mobility Investments has chosen Michael Müller as its CEO. Müller has over 25 years of expertise in the automotive business. His vast experience includes top management positions at Volkswagen Group and Porsche AG, as well as leadership responsibilities in Saudi Arabia and as CEO of Porsche's Central and Eastern European division.

Tasaru Mobility Investments' first investment is a strategic joint venture with Dar Al-Himmah Projects Company Limited, Abdullah Ibrahim Alkhorayef Sons Company, and Zamil Group Real Estate Company. The goal of the partnership is to create an automobile logistics centre at King Abdullah Economic City (KAEC) that would cater to the aftermarket parts market.

The largest stakeholder will be Tasaru Mobility Investments, which will use the benefits of the special economic zone to draw in foreign suppliers and promote trade. Tasaru Mobility Investments is dedicated to encouraging the use of cutting-edge technology, advancing sustainable prospects in the industry, and supporting research and development. The firm is poised to play a crucial role in supporting Saudi Arabia's environmental ambitions, such as the net zero 2060 aim and PIF's own net zero 2050 target, by expediting the shift to electric cars and future mobility solutions.