The deal accounts for over half of the more than $10 billion in investments signed on the first day of the Arab-China business conference in Riyadh on Sunday.
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Chinese electric vehicle (EV) maker Human Horizons is planning to enter more countries despite the weak performance of its premium HiPhi brand in its home market.
Saudi Arabia's Ministry of Investment has signed a $5.6 billion deal with Human Horizons to cooperate in developing, manufacturing and selling cars, Reuters said in a report today, citing a statement from Saudi Arabia's state news agency.
The agreement accounts for more than half of the more than $10 billion in investments signed on the first day of the Arab-China business conference in Riyadh on Sunday, the report noted.
Saudi Arabia has been pushing for increased investment in non-oil sectors as part of its diversification agenda. Part of its plan is to develop domestic EV manufacturing, the report said.
Human Horizons unveiled the HiPhi X, the first model of the HiPhi brand, in October 2020, and deliveries of the model began in China in May 2021.
The HiPhi X starts at RMB 570,000 ($79,820) for the six-seat version and up to RMB 800,000 for the four-seat version.
In August 2022, Human Horizons officially launched its second model under the HiPhi brand, the HiPhi Z. The model is available in five-seat and four-seat versions with starting prices of RMB 610,000 and 630,000 respectively, and deliveries began at the end of January this year.
In February, HiPhi's third model, the HiPhi Y, appeared on one of the Chinese industry regulator's filing list. The model has not yet been officially launched, although late last month a HiPhi executive hinted that the model's starting price is expected to be RMB 369,000.
Sales of HiPhi models have been weak in China, never making into the monthly sales rankings published by the China Passenger Car Association (CPCA).
On March 31, Reuters quoted a Human Horizons executive as saying the company would launch the HiPhi brand in select European markets later this year.
($1 = 7.1411 RMB)
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The HiPhi Y will be priced in the RMB 400,000-500,000 range and will be the least expensive of Human Horizons' models, previous reports have implied.