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Public Investment Fund Drives Automotive Shift
The Public Investment Fund of the Kingdom is leading a broad transformation in the automotive and mobility sectors, aiming to localize manufacturing and enhance the Kingdom's global competitiveness. Since 2018, the fund has invested in companies such as Lucid and Siir, and in 2023, it opened a Lucid vehicle factory, with plans to produce 150,000 cars by 2029. It also launched a joint venture with Pirelli to manufacture tires, and Hyundai's factory is prepared to begin production in December 2026, with an annual capacity of 50,000 vehicles. The fund is also focusing on developing infrastructure for electric vehicles, including a fast-charging network spread across more than 50 locations. Additionally, it launched ExoBot, the first local brand in this field. This transformation aims to establish the Kingdom as a global leader in electric vehicle manufacturing, promote local content, create quality job opportunities, and is part of a long-term strategy extending until 2030.
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