KSA launches new investment company to boost its automotive industry + associated supply chain and logistics: Saudi Arabia’s Public Investment Fund(PIF) has established a new investment company — the National Automotive and Mobility Investment company, dubbed Tasaru — focused on boosting electric vehicle manufacturing and developing local supply chain capabilities for the automotive and mobility industry in the country, according to a press release.

Tasaru’s first venture is building an 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 build an automotive logistics hub in King Abdullah Economic City (KAEC), which will serve the aftermarket parts industry, according to the release. Tasaru will be a majority shareholder in the new venture.

Saudi wants to be a global industry leader: Tasaru aims to localize manufacturing expertise and use of advanced technology to develop Saudi Arabia’s EV and autonomous mobility ecosystem and make the country a global leader in the automotive industry, according to the release.

Who’s in charge? Michael Müller has been appointed as Tasaru’s CEO. Müller has 25 years experience in the automotive industry, including at Porsche AG and Volkswagen Group in Saudi Arabia and Porshce in Central and Eastern Europe, according to the release.

PIF is also making moves to deploy more EVs: PIF has also announced plans to establish the Electric Vehicle Infrastructure Company, according to a separate release. The company aims to deliver EV fast-charging infrastructure across the country, establishing a presence in some 1k locations and installing around 5k fast chargers by 2030 in a bid to accelerate the adoption of EVs.

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