On June 11, Saudi Arabia’s Ministry of Investment signed a cooperation agreement worth $5.6 billion with Human Horizons to establish a joint venture focusing on the research and development, manufacturing, and sales of automobiles, according to the Saudi Press Agency. Human Horizons owns luxury EV brand HiPhi, the Shanghai-based company focusing on the research and development of new energy automobiles and shared transportation systems. The brand’s first vehicle, the HiPhi X, began production in 2020 and is priced between RMB 600,000 to RMB 800,000 ($88,000 to $112,000). Through this move, Saudi Arabia expects to further promote the development of its domestic EV manufacturing industry, a statement from the kingdom’s official press agency said. [Saudi Press Agency, in Arabic]