Shulou(Shulou.com)11/24 Report--

Thank CTOnews.com netizens for their suffering march and highly satisfied clue delivery! CTOnews.com, June 13 (Xinhua)-- Saudi Arabia's Ministry of Investment and Chinese electric carmaker Chinese American Express have signed an agreement worth $5.6 billion (CTOnews.com Note: about 40.04 billion yuan) to jointly develop, manufacture and sell electric vehicles, the Saudi Arabian state news agency reported.

▲ Tuyuan Gaohe Automobile officials online on Sunday (June 11), at the Arab-Chinese business meeting held in Riyadh, the parties signed investment agreements worth more than US $10 billion (currently about 71.5 billion yuan) on the first day, covering the areas of technology, renewable energy, agriculture, real estate, metallurgy, tourism and health care. Among them, the agreement between Saudi Arabia and Chinese Express accounted for more than half of the turnover.

Saudi Arabia, the world's largest oil exporter, had previously had an energy-based trade relationship with China, but it is actively diversifying and has been increasing its investment in the non-oil sector. Part of the plan is to develop electric vehicle (EV) manufacturing in Saudi Arabia, while Chinese American Express currently produces high-tech brand electric vehicles in China.

According to a previous statement from Saudi Arabia, China's foreign direct investment in Arab markets in 2021 was $23 billion (currently about 164.45 billion yuan), of which $3.5 billion (currently about 25.025 billion yuan) was invested in Saudi Arabia.

Chinese Express said in March that it would launch its high-end brand HiPhi in some European countries this year to seek overseas expansion.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.