Saudi PIF in Talks to Invest in Chinese EV Maker
- PIF in talks to invest at least $250 million in Human Horizons
- Saudi Arabia is trying to develop its domestic auto industry
The Human Horizons HiPhi Z.
Source: Human HorizonsThis article is for subscribers only.
Saudi Arabia’s sovereign wealth fund is in talks to invest at least $250 million in Chinese electric-vehicle maker Human Horizons Group Inc., people familiar with the matter said, as part of the kingdom’s efforts to build a domestic auto industry.
The Public Investment Fund could buy into the Shanghai-based firm at a $3 billion valuation, the people said, asking not to be identified as the discussions are private. An agreement may be reached as soon as this year, but could take longer as terms are still being finalized, they said. No final decisions have been made.