Tasaru Mobility Investments, a company fully owned by Saudi Arabia’s Public Investment Fund (PIF) has made two strategic investments to develop its autonomous mobility sector.

The first is an investment in Project 3 Mobility (P3), a Croatian company developing its own autonomous electric vehicle and mobility service, which closed its Series A investment round this week, raising a total of 100 million Euros from private investors.

The funds received will be used for the further development of the project and the delivery of its urban autonomous mobility ecosystem, according to a statement from P3.

Austria-based automotive technology group Benteler has confirmed that Tasaru is acquiring a minority stake in its subsidiary Holon, a developer of autonomous movers, for ‘a nine-digit sum’, according to a statement.

The planned acquisition of a stake of up to 38% in Holon will occur in several tranches. The first one is expected in April, subject to the necessary regulatory approvals.

The funds will be used to further advance the series development and industrialisation of the autonomous, fully electric, and inclusive mover. Specifically, the plan is to establish three production sites to market the vehicle worldwide, in Europe, Saudi Arabia, and the US.

According to Holon, the investment will accelerate the company’s development of its Holon Mover, a fully electric, autonomous vehicle for use on public roads.

With total estimated assets of $776 billion, PIF launched Tasaru in October 2023.

(Writing by Bindu Rai, editing by Seban Scaria)