PIF in talks to invest $250 mln in Chinese EV maker: Report

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) is in talks to invest at least $250 million in Chinese electric-vehicle maker Human Horizons Group Inc., Bloomberg said, citing people familiar with the matter.  

This comes as part of the Kingdom’s efforts to build a domestic auto industry, said the sources, adding that an agreement may be reached as soon as this year, but could take longer as terms are still being finalized. No final decisions have been made.

Sources added that Human Horizons has been working with UBS Group AG and Morgan Stanley on a potential initial public offering (IPO).