Tasaru Mobility Investments, a fully owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF) has made two investments in the autonomous mobility sector. With total estimated assets of $776 billion, PIF launched Tasaru in October 2023.
The company has invested in Project 3 Mobility (P3), a Croatian company that is developing its own autonomous electric vehicle and mobility service. P3 raised 100 million Euros in total as a part of its Series A investment from private investors.
The funding will be used for the development of the project and the delivery of its urban autonomous mobility ecosystem. Tasaru is also acquiring a majority stake in Holon, the subsidiary of the Austria-based automotive technology group Benteler. Holon is a developer of autonomous movers, for a nine-digit sum.
Tasaru will be taking a stake of upto 38% in Holon, across multiple tranches. The first tranche is expected in April, subject to regulatory approvals. The funding will be utilised to advance the series development and industrialisation of the autonomous, fully electric, and inclusive mover.
The aim is to establish three production sites to the market in Saudi Arabia, Europe, and the US. The investment will accelerate the company’s development of its Holon Mover, a fully electric, autonomous vehicle.
