PIF Invests in all Electric Vehicles Components
The Saudi Public Investment Fund (PIF) is embarking on an ambitious journey to boost electric vehicles (EV) production, targeting the manufacture of 300,000 electric vehicles by 2030.
“In a collaborative effort, Public Investment Fund (PIF) and Pirelli S.P.A have launched a joint project aimed at establishing a tire manufacturing plant in the Kingdom,” said Saad Alkroud, senior advisor at PIF.
“The investment fund will own a 75% stake and Pirelli will hold the remaining 25%. This project exemplifies PIF’s broader investment vision,” added Alkroud in an interview with Al Arabiya Business.
Comprehensive Investments in EV Sector
PIF has taken a holistic approach towards investing in the electric cars sector, identifying it as a strategic domain. The fund commenced its investment journey in the electric vehicles EV sphere in partnership with Lucid, followed by announcements of collaboration with Hyundai.
It further invests in relevant industries as the vehicles sector needs all potential to increase production capacity.
Investing Across The Value Chain
Previously, PIF announced its investment into vehicle component manufacturing and investment in electric chargers, embodying a full-spectrum investment across the value chain of the electric cars sector.
Alongside, a partnership with Maaden was formed to invest in rare metals like lithium which is pivotal for EV battery production.
All these investments create an environment that attracts private sector investments and foreign direct investments.
Broadening Industrial Horizons
With a portfolio spanning 13 sectors and having launched 90 companies serving these domains, PIF is paving the way for strategic partnerships with the private sector.
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