Saudi Arabia sets up company to develop automotive, mobility industry-Xinhua

Saudi Arabia sets up company to develop automotive, mobility industry

Source: Xinhua

Editor: huaxia

2023-10-10 23:06:15

RIYADH, Oct. 10 (Xinhua) -- Saudi Public Investment Fund (PIF) announced on Tuesday it had launched the National Automotive and Mobility Investment Company to develop local supply chain capabilities for the kingdom's automotive and mobility industry.

Shortened as Tasaru Mobility Investments, the company aims to localize manufacturing expertise and technologies to promote the development of electric vehicle industry and build an ecosystem for autonomous mobility, the PIF said in a statement.

The company's first investment is a joint venture with three local companies to develop an automotive logistics hub in King Abdullah Economic City in Saudi Arabia, which will serve the aftermarket parts industry.

The company will also support research and development, increase the adoption of advanced technologies, and pursue sustainable opportunities in the electric vehicle and autonomous mobility industries, according to the statement.