Saudi Arabia inks $5.6bn deal with EV brand Human Horizons

Saudi Arabia's Ministry of Investment has signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture and sale of vehicles, the Saudi state news agency said in a statement. The agreement accounts for more than half of the more than $10 billion in investments signed on the first day of an Arab-China business conference in Riyadh on Sunday, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism and healthcare among others. While the relationship between Saudi Arabia, the world's top oil exporter, and China remains anchored by energy ties, there has been a push to boost investments in non-oil sectors as part of the kingdom's diversification agenda. Part of the Saudi plan is to develop a domestic electric vehicle (EV) manufacturing industry. Human Horizons manufactures electric vehicles under the HiPhi brand in China. Chinese foreign direct investment into Arab markets stood at $23 billion in 2021, of which $3.5 billion as in Saudi Arabia, the Saudi statement said. Human Horizons said in March it would launch its premium HiPhi brand in some European markets this year as it looks to expand overseas. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. At the forefront of future mobility, bringing together cutting-edge automotive products and next-generation manufacturing strategies with its HiPhi Smart Car brand, Human Horizons (HH) is transforming the automotive landscape, including in Dubai HH is limiting environmental impact and practicing sustainability across several fronts which foster global aims toward achieving net carbon zero initiatives Founded in 2017 in Shanghai, China, HH is pioneering Smart Cities, Smart Roads and, with its HiPhi brand, established in 2019, Smart Cars. Already, the HiPhi X, an advanced all-electric SUV, outsold all Western competitors to become the best-selling premium SUV in China which – from a brand just four years old – is unheard of. At a time of enormous investment into electrification and innovation, Human Horizons and HiPhi are considered the most technologically advanced in the space. Where traditional manufacturers might start with a physical platform and build the technology around it, HiPhi starts with the software to create the most connected car possible, and then perfects the physical characteristics. Top tier suppliers are on-board to work with HH and HiPhi on first time technology deployments, including the creation of a bespoke luxury audio system with Meridian. HH’s factories in China are one of the most advanced in the world with more than 90 percent automation Green Energy Innovations, Tesla News, Cutting Edge Updates In The EV and Transport Industry. ▬▬▬▬▬▬▬▬▬ ✅ COPYRIGHT DISCLAIMER Curious Bay doesn't fully own some of the materials compiled in their videos. It belongs to people or organizations who ought to be respected. If used, its under: Copyright disclaimer section 107 of the Copyright Act 1976. "fair use" is allowed for purposes such as criticism, comment, news reporting, teaching, scholarships, and research. ▬▬▬▬▬▬▬▬▬ ✅ If you are the owner of the materials used in this video, let us know in the comments. We will follow your request immediately.