Renault-backed EV startup BeyonCa said on Monday that it has joined hands with Saudi Arabia-based conglomerate Al Faisaliah Group to explore the premium EV market in the Middle East.

The two companies signed a memorandum of investment and strategic cooperation in Wuhan, Central China's Hubei province, on Friday. They did not reveal details though.

Ziad Al Tunisi, CEO of AFG, said he expects the cooperation with BeyonCa and China's EV ecosystem as a whole will help fuel the high-quality development of EVs in Saudi Arabia.

Soh Weiming, chairman of BeyonCa and also Renault China CEO, expects the premium EV segment will soar from 2025 to 2030.

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