Chinese electric vehicle maker Human Horizons is reportedly in discussions with the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, to secure at least $250 million at a valuation of $3 billion, according to Bloomberg sources. The deal is anticipated to close within the year, though final decisions are pending from both parties. This development follows Saudi Arabia’s Ministry of Investment signing a cooperation agreement in June worth $5.6 billion with the six-year-old automaker. The agreement aimed to establish a joint venture in the Middle East country. As part of its strategy for a global shift from oil to electricity, the government aims to have over 30% of cars in its capital be electric by 2030. Similarly, in June, NIO announced a cash injection of approximately $738.5 million from CYVN Holdings, an investment firm supported by the Abu Dhabi government. [Bloomberg]
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