Silk-FAW confirms plan to construct electrical sports activities automobiles in Italy

Silk-FAW confirms plan to construct electrical sports activities automobiles in Italy

MILAN, July 25 (Reuters) – Silk-FAW, a start-up of U.S. automotive engineering and design agency Silk EV and Chinese language automaker FAW (000800.SZ), stated on Monday it could press forward with a plan, value over one billion euros ($1.02 billion), to construct electrified automobiles in Italy.

Silk-FAW will finalise the acquisition of the land within the metropolis of Reggio Emilia the place the manufacturing web site can be constructed on Aug. 5, it stated in a press release after attending a videoconference with native authorities.

It will maintain the opening ceremony for the development of the positioning, which will even embody the corporate’s headquarters and a analysis centre, in early September, it added.

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Earlier this month Italy’s Emilia-Romagna regional authorities sought reassurances from Silk-FAW amid worries by the native authorities that the plan may not go forward. learn extra

Silk-FAW board member Li Chongtian – who can also be head of FAW Capital Holding Co., the unit accountable for FAW’s exterior investments – confirmed FAW’s full assist to the challenge.

“Silk and FAW are dedicated to the success of our partnership,” he stated within the assertion, including the group was working to make sure the three way partnership had the required assets to execute its marketing strategy.

Silk-FAW plans to develop and produce electrical and hybrid luxurious hypercars in China and in Italy underneath the Hongqi model.

Final yr it picked town of Reggio Emilia to construct its facility, in an space often known as Italy’s “Motor Valley” which is dwelling to manufacturers together with Ferrari (RACE.MI), Lamborghini, Maserati and Ducati.

Manufacturing was anticipated to start out firstly of 2023 however the plan has but to make progress, with the corporate citing issues with the mortgage wanted to purchase land for the plant.

The Emilia-Romagna regional authorities and town Reggio Emilia stated in a separate assertion that Monday’s videoconference was “mandatory and vital” however added they have been nonetheless ready to obtain minutes of the assembly signed by Silk-FAW executives confirming their commitments.

($1 = 0.9791 euros)

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Reporting by Giulio Piovaccari, enhancing by Giulia Segreti and Keith Weir

Our Requirements: The Thomson Reuters Belief Rules.

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