PIF establishes new investment company focused on EVs: Saudi Arabia’s 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 to support the sector’s 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.

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

Who’s running the new company? Former senior manager at Porsche AG and Volkswagen Group Michael Müller 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.

REMEMBER- Earlier this week, PIF and the Saudi Electricity Company (SEC) launched the Electric Vehicle Infrastructure Company to expand fast-charging infrastructure across the kingdom. PIF has also made significant investments in EV manufacturing, including establishing Saudi Arabia’s first national EV brand Ceer in partnership with Foxconn, as well as investing in US-based Lucid Motors. In September, Lucid announced that it opened its first international EV plant in Saudi Arabia’s KAEC with plans to eventually produce up to 155k vehicles per year.