Silk-FAW to Press Ahead With Plan to Build Electric Sports Car in Italy: Details

Silk-FAW will finalise the purchase of the land in the city of Reggio Emilia where the electric sports car production site will be built on August 5

Silk-FAW to Press Ahead With Plan to Build Electric Sports Car in Italy: Details

Visitors look at the FAW Hongqi H9+ at the Beijing International Automotive Exhibition

Highlights
  • Silk-FAW plans to develop and produce electric
  • Production was expected to start at the beginning of 2023
  • The plan has yet to make progress

Silk-FAW, a start-up of US automotive engineering and design firm Silk EV and Chinese automaker FAW, said on Monday it would press ahead with a plan, worth over EUR 1 billion (roughly Rs. 8,160 crore), to build electrified cars in Italy.

Silk-FAW will finalise the purchase of the land in the city of Reggio Emilia where the production site will be built on August 5, it said in a statement after attending a videoconference with local authorities.

It would hold the opening ceremony for the construction of the site, which will also include the company's headquarters and a research centre, in early September, it added.

Earlier this month Italy's Emilia-Romagna regional government sought reassurances from Silk-FAW amid worries by the local authorities that the plan might not go ahead.

Silk-FAW board member Li Chongtian - who is also head of FAW Capital Holding, the unit in charge of FAW's external investments - confirmed FAW's full support to the project.

"Silk and FAW are committed to the success of our partnership," he said in the statement, adding the group was working to ensure the joint venture had the necessary resources to execute its business plan.

Silk-FAW plans to develop and produce electric and hybrid luxury hypercars in China and in Italy under the Hongqi brand.

Last year it picked the city of Reggio Emilia to build its facility, in an area known as Italy's "Motor Valley" which is home to brands including Ferrari, Lamborghini, Maserati, and Ducati.

Production was expected to start at the beginning of 2023 but the plan has yet to make progress, with the company citing problems with the mortgage needed to buy land for the plant.

The Emilia-Romagna regional government and the city Reggio Emilia said in a separate statement that Monday's videoconference was "necessary and important" but added they were still waiting to receive minutes of the meeting signed by Silk-FAW executives confirming their commitments.

© Thomson Reuters 2022


Why is Oppo making strange choices with its flagship Reno series? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Silk FAW, Ferrari, Maserati
Google Pixel 7, Pixel 7 Pro Tipped to Feature Samsung’s 50-Megapixel GN1 Main Sensor
Google Pixel 6a’s Camouflage Tool to Make Its Way to Pixel 6, Pixel 6 Pro: Report
Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.