Thursday, July 25, 2024

European Commission Greenlights Saudi Investment in German Electric Vehicle Firm

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The European Commission announced its approval of the acquisition and joint control of the German autonomous electric vehicle company Holon by Saudi Arabia’s Public Investment Fund (PIF) and Austrian company Benteler International.

The Commission said in a statement that, under European Union merger law, the notified deal, primarily related to a company developing autonomous vehicles, does not raise competition concerns, given that the companies in question are not active in the same or related markets.

Michael Müller, CEO of Tasaru, the Saudi sovereign wealth fund’s vehicle and mobility development arm, revealed in a February interview with Asharq that the company kickstarted investment initiatives by acquiring stakes in three global firms specializing in autonomous vehicles and their technologies.

Müller announced the imminent acquisition of a strategic stake in Holon, a subsidiary of Benteler International.

This move aims to boost the progress of Holon’s self-driving electric vehicle, Holon Mover, accelerate its development and manufacturing process, and pave the way for establishing production facilities in Saudi Arabia, Europe and the US.

Tasaru has also signed a binding agreement to invest in Project 3 Mobility, a company focused on developing next-generation autonomous mobility solutions.

Project 3 Mobility aims to create an integrated system comprising a self-driving electric vehicle, specialized infrastructure, and a mobility services platform, including a mobile app.

The third agreement was made with Recogni, a company specializing in artificial intelligence computing, particularly in the transportation sector.

Tasaru has secured a binding agreement to invest in Recogni, further expanding its footprint in advanced mobility technologies.

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