EV brand Beyonca signs MOU over investment with Saudi Arabian group

Beyonca EV start-up in Beijing

BEIJING (Reuters) - Electric vehicle brand Beyonca, backed by Renault and Dongfeng Motor, said on Monday it signed a memorandum of understanding with Riyadh-based Al Faisaliah Group Holding Company to explore the possibility of an investment from the group.

At the signing ceremony at Dongfeng Motor's headquarters in the central Chinese city of Wuhan, Beyonca also inked a strategic cooperation deal with QG FZE-LLC regarding investment opportunities in the Middle East, according to the EV brand.

(This story has been corrected to say that the companies signed an MOU about investment, not an investment agreement, in paragraph 1)

(Reporting by Beijing newsroom; Editing by Jamie Freed)