{"id":80028,"date":"2023-10-12T01:00:43","date_gmt":"2023-10-12T01:00:43","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/10\/12\/pif-solidifies-backing-for-ksas-ev-sector-with-new-investment-company-tasaru-mobility-investments\/"},"modified":"2023-10-12T01:00:43","modified_gmt":"2023-10-12T01:00:43","slug":"pif-solidifies-backing-for-ksas-ev-sector-with-new-investment-company-tasaru-mobility-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/10\/12\/pif-solidifies-backing-for-ksas-ev-sector-with-new-investment-company-tasaru-mobility-investments\/","title":{"rendered":"PIF solidifies backing for KSA\u2019s EV sector with new investment company Tasaru Mobility Investments"},"content":{"rendered":"

<\/a><\/strong>PIF establishes new<\/strong> investment company focused on EVs:<\/strong> Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund (PIF) has launched a new investment company, Tasaru Mobility Investments<\/a>, focused on strengthening the local supply chain for electric and autonomous vehicles, according to a statement<\/a>. The company will partner with both local and global private sector companies to support the sector\u2019s growth and long-term returns through the localization of manufacturing, increasing the adoption of the latest technologies, supporting research and development, and pursuing sustainable investments in the sector, the statement notes.<\/p>\n

Already making inroads in the EV sector: <\/strong>Tasaru is developing an automotive logistics hub in King Abdullah Economic City (KAEC) through a newly established JV with Zamil Group Real Estate Company<\/a>, Abdullah Ibrahim Alkhorayef Sons Company<\/a>, and Dar Al-Himmah Projects Company. The JV \u2014 of which Tasaru is the majority shareholder \u2014 aims to supply the aftermarket parts industry through the hub, in line with KAEC\u2019s ambition to become an automotive manufacturing and logistics hub.<\/p>\n

Who\u2019s running the new company? <\/strong>Former senior manager at Porsche AG and Volkswagen Group Michael M\u00fcller has been appointed as the CEO Tasaru, bringing more than 25 years of experience in the automotive industry, including heading up both brands in Saudi Arabia, and as well as Porsche in Central and Eastern Europe.<\/p>\n

REMEMBER-<\/strong> Earlier this week, PIF and the Saudi Electricity Company (SEC) launched the Electric Vehicle Infrastructure Company<\/a> to expand fast-charging infrastructure across the kingdom. PIF has also made significant investments in EV manufacturing, including establishing Saudi Arabia\u2019s first national EV brand Ceer<\/a> in partnership with Foxconn, as well as investing in US-based Lucid Motors<\/a>. In September, Lucid announced that it opened its first international EV plant in Saudi Arabia\u2019s KAEC<\/a> with plans to eventually produce up to 155k vehicles per year.<\/p>\n","protected":false},"excerpt":{"rendered":"

PIF establishes new investment company focused on EVs: Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund (PIF) has launched a new investment company, Tasaru Mobility Investments, focused on strengthening the local supply chain for electric and autonomous vehicles, according to a statement. The company will partner with both local and global private sector companies […]<\/p>\n","protected":false},"author":1,"featured_media":80029,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[152],"tags":[11,64,151,293,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseclimate","tag-evs","tag-investment-watch","tag-pif","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"8c166d36-61f3-4cb4-8ea9-20c64c527bb7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/5670.jpg","photo_position":"above","related_issue":[80018],"teaser":"","voice_url":""},"yoast_head":"\nPIF solidifies backing for KSA\u2019s EV sector with new investment company Tasaru Mobility Investments - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/10\/12\/pif-solidifies-backing-for-ksas-ev-sector-with-new-investment-company-tasaru-mobility-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIF solidifies backing for KSA\u2019s EV sector with new investment company Tasaru Mobility Investments\" \/>\n<meta property=\"og:description\" content=\"PIF establishes new investment company focused on EVs: Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund (PIF) has launched a new investment company, Tasaru Mobility Investments, focused on strengthening the local supply chain for electric and autonomous vehicles, according to a statement. 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