Chinese electric vehicle maker Human Horizons is Watch In the Morning of La Petite Mort Onlinereportedly in discussions with the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, to secure at least $250 million at a valuation of $3 billion, according to Bloomberg sources. The deal is anticipated to close within the year, though final decisions are pending from both parties. This development follows Saudi Arabia’s Ministry of Investment signing a cooperation agreement in June worth $5.6 billion with the six-year-old automaker. The agreement aimed to establish a joint venture in the Middle East country. As part of its strategy for a global shift from oil to electricity, the government aims to have over 30% of cars in its capital be electric by 2030. Similarly, in June, NIO announced a cash injection of approximately $738.5 million from CYVN Holdings, an investment firm supported by the Abu Dhabi government. [Bloomberg]
