Part of the Saudi plan is to develop a domestic electric vehicle manufacturing industry. Human Horizons manufactures EVs under the HiPhi brand in China.
A Human Horizons HiPhi electric SUV displayed at the 20th Shanghai International Automobile Industry Exhibition on April 18, 2023.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.
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.
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