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Saudi Arabia’s state-backed Public Investment Fund (PIF) is reportedly in talks to invest $250 million into Chinese electric vehicle (EV) maker Human Horizons Group Inc, as the kingdom makes a push for green mobility as a part of its Vision 2030 agenda.
Sources familiar with the matter told Bloomberg that the Saudi sovereign wealth fund could also buy the Shanghai-based company for around $3 billion, adding that the company has been exploring strategic options, including raising as much as $1 billion from private investors to fund its growth.
The news comes a month after PIF and the Saudi Electricity Company (SEC) launched the Electric Vehicle Infrastructure Company with the aim to deliver EV fast-charging infrastructure across the kingdom, in a bid to accelerate the adoption of EVs. It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
In September, EV maker Lucid Group, of which PIF owns a 60% stake, also announced it had opened its first international manufacturing plant in Jeddah, under a deal designed to further the Middle Eastern country’s electrification push.
Last year, PIF also launched the Ceer automotive brand, in a joint venture with Taiwan’s Foxconn, to develop EVs, including sedans and sports utility vehicles for the Middle East and North Africa region.
(Writing by Bindu Rai, editing by Brinda Darasha)
