Human Horizons is exploring strategic options and considering raising up to $1 billion from private investors to support its growth. Additionally, the company has been collaborating with UBS Group AG and Morgan Stanley on a potential initial public offering, according to sources familiar with the matter.
The Public Investment Fund (PIF) and Human Horizons have both declined to comment on the potential investment. If the PIF does invest, the move would be part of a broader effort by Saudi Arabia to diversify its economy away from oil, as evidenced by a $5.6 billion agreement with Human Horizons.
Saudi Arabia, which is rich in oil, has announced several deals in the electric vehicle sector this year. These include greenlighting a manufacturing plant for its domestic EV brand, Ceer, and opening another plant with California-based Lucid Group Inc. In addition, Hyundai Motor Co. has agreed to partner with the PIF to develop a car assembly plant near Jeddah. A potential investment by the PIF in Human Horizons would further strengthen ties between Saudi Arabia and China, the kingdom’s largest trading partner.
Also, Chinese EV manufacturers are making waves in export markets, with companies like BYD, Nio Inc., and SAIC Motor Corp. expanding into various regions. Last month, Stellantis NV struck a $1.1 billion deal for a stake in Chinese EV maker Zhejiang Leapmotor Technology Ltd., while Volkswagen AG agreed to take a $700 million stake in Xpeng Inc. This continued investment in the Chinese EV market underscores the growing interest and competition in the industry.
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