Middle East investors eye Chinese vehicle startups to diversify oil wealth


China's smart vehicle makers and autonomous driving companies have become popular with investors in the Middle East, especially Saudi Arabia, as the oil-rich region is looking for new ways to drive its economy.  So far this year, at least seven startups in the sector including Nio have inked deals with investors from countries in the region, with combined investment nearing 100 billion yuan ($13.72 billion).

Last week, Dongfeng-backed BeyonCa signed a memo with Saudi Arabia-based conglomerate Al Faisaliah Group to explore opportunities for electric vehicle development, encompassing research and development, manufacturing as well as trade, charging and insurance.

Ziad Al Tunisi, CEO of AFG, expressed his admiration for China's innovative and forward-looking EV industry, highlighting BeyonCa's technology and vision.

Established in 2021, BeyonCa unveiled its first concept model, the GT Opus 1, in late 2022. The startup has offices in China, Germany and Singapore.

Read the full story at China Daily