Saudi Arabia's Public Investment Fund (PIF) and Pirelli Tyre are teaming up for a cutting-edge tire manufacturing plant. PIF holds a 75% stake, with Pirelli at 25%.
Production begins in 2026, focusing on Pirelli and a new local brand. It supports Saudi Arabia's ambition to become a global auto hub by 2030.
PIF's auto initiatives include a $500 million venture with Hyundai and the launch of Tasaru for automotive supply chains.
PIF is also behind Ceer, Saudi's first EV brand, and Lucid Motors' manufacturing plant.
Pirelli, a global tire leader, offers technical expertise to boost the automotive sector.
The venture, with a 3.5 million-unit annual production capacity, promotes growth and sustainability, attracting more investments.
Pirelli is the first tier 1 tire maker to produce directly in Saudi Arabia.
In essence, the PIF-Pirelli partnership supports Saudi Arabia's auto industry ambitions and emphasizes local production and sustainability.