In a significant development, Saudi Arabia’s Ministry of Investment signed a $5.6 billion deal with a Shanghai-based electric vehicle company to develop EVs (Electric Vehicles).
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At an Arab-China business conference in Riyadh over the weekend, Saudi Arabia’s Ministry of Investment signed a $5.6 billion deal with Shanghai-based electric vehicle (EV) manufacturer Human Horizons to jointly develop, manufacture, and sell EVs.
The deal was just one of more than 30 such investments penned during the conference to develop a variety of industries including producing smelter fuel, copper mining, renewable energy, agriculture, tourism, and healthcare, among others.
Started in 2017 by Ding Lei, the former president of Shanghai General Motors and former deputy governor of Pudong New District in the coastal metropolis, Human Horizons manufactures premium EVs under the HiPhi brand at an assembly plant in Yancheng. It sells several luxury sedans and SUVs in the Chinese domestic market, although it has plans to enter the European market this year as well.
The company is just one of several EV makers in China, where innovation and mass production have been spurred by the government’s push to eliminate cars powered solely by gasoline from Chinese roads by 2035. China is the world’s largest EV market, with EVs expected to make up 35% of all car sales in China this year, and could exceed 60% of global EV sales.
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“Chinese companies now have a better chance of building infrastructure, assembling electric vehicles, running new-energy projects and developing technology businesses in Saudi Arabia now that the Middle Eastern country embarks on its Vision 2030 strategy,” Yan Jinglan, a professor of foreign studies at the East China University of Science and Technology in Shanghai, told Chinese media on Monday.
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