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PIF in talks to invest $250m in Chinese EV company

By Pramod Kumar
A Human Horizons EV. PIF’s investment could potentially value the Shanghai-based company at $3bn Human Horizons
One of the Saudi sovereign wealth fund PIF's recent investments was in the Shanghai-based company Human Horizons, maker of electronic vehicles

Saudi Arabia’s Public Investment Fund (PIF) is discussing investing $250 million in Chinese electric vehicle (EV) maker Human Horizons Group.

The kingdom’s sovereign fund’s investment could potentially value the Shanghai-based company at $3 billion, Bloomberg reported, citing informed sources.

An agreement is likely to be reached by the end of the year, but it could take longer as terms are still being finalised, the report said.

Human Horizons is considering raising $1 billion from private investors to fuel expansion and is working with UBS Group AG and Morgan Stanley on a potential initial public offering.

PIF has already made significant investments in the mobility sector, including establishing the first national EV brand, Ceer, and investing in US-based Lucid Motors.

Lucid has recently opened its first international manufacturing plant in King Abdullah Economic City, capable of manufacturing up to 155,000 vehicles annually.

PIF and Saudi Electricity Company last month launched a new company to deliver EV fast-charging infrastructure in Saudi Arabia.

Additionally, it launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to build local manufacturing and supply chain capabilities for the automotive and mobility industry in the kingdom.

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