Saudi Wealth Fund In Talks For Investing $250M In Chinese EV Maker Human Horizons: Report

Saudi Arabia’s Public Investment Fund (PIF) is reportedly negotiating to invest heavily in Shanghai-based electric-vehicle maker, Human Horizons Group Inc.

The PIF is considering a significant investment of at least $250 million in Human Horizons, Bloomberg reported. This deal would value the EV company at around $3 billion. While an agreement could be finalized this year, the timeline may extend as discussions are ongoing and terms are yet to be finalized.

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The decision has not been cemented, and the investment details are being kept under wraps. Human Horizons has been actively seeking strategic options, considering raising up to $1 billion from private backers to further its growth. The company is also exploring an initial public offering, with the assistance of UBS Group AG and Morgan Stanley.

The potential investment is part of Saudi Arabia’s broader initiative to develop a domestic automotive industry as part of its economic diversification efforts. Previous actions in this sector include a $5.6 billion pact with Human Horizons for its premium HiPhi SUVs and partnerships to establish EV manufacturing within the kingdom.

This move underscores the deepening relationship between Saudi Arabia and China, with recent high-level visits amplifying Chinese interest in the Saudi Vision 2030 plan. Meanwhile, global investments in Chinese EV firms are surging, with industry giants like BYD and Nio expanding their global footprint.

Read Next: Tesla Analyst Outlines 4-Point Plan To Reverse Stock Slide, Says EV Giant Yet To Reach ‘App Store Moment’

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