Saudi Arabia’s sovereign wealth fund is in talks to invest at least $250 million in Chinese electric-vehicle maker Human Horizons Group Inc., people familiar with the matter said, as part of the kingdom’s efforts to build a domestic auto industry.
The Public Investment Fund could buy into the Shanghai-based firm at a $3 billion valuation, the people said, asking not to be identified as the discussions are private. An agreement may be reached as soon as this year, but could take longer as terms are still being finalized, they said. No final decisions have been made.
Human Horizons, which has been exploring strategic options, is weighing raising as much as $1 billion from private investors to bolster growth, the people said. The firm has also been working with UBS Group AG and Morgan Stanley on a potential initial public offering, Bloomberg has reported.
Representatives for the PIF and Human Horizons declined to comment.
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