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PIF will own seventy-five percent of the joint venture (JV), with Pirelli controlling the remaining twenty-five percent and serving as the project's key technical partner. It emphasized that the agreement's criteria must be met and clearance from the appropriate authorities must be obtained before the deal can be concluded.
In addition to producing premium passenger car tires under the Pirelli brand, the joint venture will also manufacture tires under a new local brand aimed at the local and regional markets. The JV has received around $550 million in total investment. According to the announcement, the plant is anticipated to be able to produce 3.5 million units annually.
By 2030, Saudi Arabia hopes to lead the global car sector. Specifically, a $500 million joint venture between PIF and Hyundai Motor Company was recently launched in order to establish a state-of-the-art car plant within the kingdom.
source: bloomberg.com
In addition to producing premium passenger car tires under the Pirelli brand, the joint venture will also manufacture tires under a new local brand aimed at the local and regional markets. The JV has received around $550 million in total investment. According to the announcement, the plant is anticipated to be able to produce 3.5 million units annually.
By 2030, Saudi Arabia hopes to lead the global car sector. Specifically, a $500 million joint venture between PIF and Hyundai Motor Company was recently launched in order to establish a state-of-the-art car plant within the kingdom.
source: bloomberg.com
