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The Public Investment Fund (PIF) has secured the European Commission’s approval of its acquisition and joint control of German autonomous e-vehicle maker Holon — a wholly-owned subsidiary of Austria-based car-parts manufacturer Benteler International, the European Commission said in a statement. The transaction will be made through the PIF’s vehicle development arm, Tasaru Mobility Investments. No further details were provided.
Background: Tasaru and Benteler inked an agreement in February to have the PIF subsidiary acquire up to a 38% stake in Holon. Tasaru’s undisclosed nine-figure investment — which had been pending regulatory approval — will be disbursed in tranches. The first tranche was scheduled to be paid this past April.
About Tasaru: The investment company was launched in October 2023 and is 100% owned by PIF. Its mandate is to develop domestic supply chain capabilities in the automotive, mobility, and next-gen industries.
Banking on self-driving EVs: Holon will use the fresh funds to set up three new manufacturing plants in the Kingdom, Europe, and the US for the production of its autonomous and fully-electric Mover series. The self-driving zero-emission shuttles are designed for public transport, suitable for both on-demand and scheduled services. They can accommodate up to 15 passengers at a time, traveling at a maximum speed of 60 km/hour.
What they said: “Holon’s revolutionary Mover aligns perfectly with Tasaru’s vision for a smarter and more sustainable future. Together, we aim to unlock the Mover’s potential, bringing significant benefits to Saudi Arabia and other regions, establishing the Kingdom as a hub for autonomous mobility innovation and manufacturing,” Tasaru CEO Micheal Mueller said in February.
REMEMBER- Saudi is aiming big for EVs: Ceer — the Kingdom’s first electric vehicle brand — inked earlier this month a SAR 8.2 bn (c. USD 2.2 bn) contract with global auto parts maker Hyundai Transys to supply advanced EV drive systems (EDS) for its vehicles. It plans to install the integrated drive systems in all of its EVs lineup, which includes SUVs, sedans and coupe models. The contract marks the first by Hyundai Transys for a global automaker.
