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.
