Saudi Arabia’s PIF in talks to inject $250M into Chinese car maker
The kingdom is looking to develop its electric vehicle market as its economy diversifies away from oil.
Saudi Arabia’s Public Investment Fund (PIF) is reportedly in talks to invest at least $250 million into Chinese electric vehicle maker Human Horizons Group Inc as the kingdom expands its domestic automotive industry.
The Saudi sovereign wealth fund could buy the Shanghai-based company for around $3 billion, sources familiar with the matter told Bloomberg. They said that the company has been exploring strategic options including raising as much as $1 billion from private investors to help propel growth.
Morgan Stanley and UBS have been working on an initial public offering for Human Horizons, Bloomberg previously reported.
Al-Monitor has contacted the PIF and Human Horizons for comment.
