As a part of the kingdom's Vision 2030 strategy, the state-backed Public Investment Fund (PIF) of Saudi Arabia is allegedly in talks to invest $250 million in Human Horizons Group Inc., a Chinese manufacturer of electric vehicles (EVs).
The Saudi sovereign wealth fund might potentially purchase the Shanghai-based company for about $3 billion. They also mentioned that the company has been considering other strategic options, such as raising up to $1 billion from private investors to finance its expansion.
The announcement coincides with the introduction of the Electric Vehicle Infrastructure Company by PIF and the Saudi Electricity Company (SEC), which aims to expedite the adoption of EVs by delivering EV fast-charging infrastructure throughout the kingdom. The company was formed one month ago. The company intends to expand its reach to over 1,000 locations and deploy more than 5,000 fast chargers in Saudi Arabian cities by 2030.
In an agreement intended to accelerate the Middle Eastern nation's drive towards electrification, EV manufacturer Lucid Group, in which PIF holds a 60% share, also declared in September that it had launched its first overseas manufacturing facility in Jeddah. In a joint venture with Taiwan's Foxconn, PIF also introduced the Ceer car brand last year with the goal of developing EVs for the Middle East and North Africa, including sedans and sport utility vehicles.