MILAN — Silk-FAW, a start-up of U.S. automotive engineering and design agency Silk EV and Chinese language automaker FAW, stated it might press forward with a plan, price over one billion euros ($1.02 billion), to construct electrified automobiles in Italy.
Silk-FAW will finalize the acquisition of the land within the metropolis of Reggio Emilia the place the manufacturing web site will likely be constructed beginning Aug. 5, it stated in an announcement on Monday after attending a videoconference with native authorities.
Silk-FAW stated it might maintain the opening ceremony for the development of the location, which may also embody the corporate’s headquarters and a analysis middle, in early September.
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.
Silk-FAW board member Li Chongtian confirmed FAW’s full help 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 mandatory sources to execute its marketing strategy.
Chongtian is head of FAW Capital Holding, the unit in command of FAW’s exterior investments.
Silk-FAW plans to develop and produce electrical and hybrid luxurious hypercars in China and in Italy below the Hongqi model.
Final yr it picked the town of Reggio Emilia to construct its facility, in an space often known as Italy’s “Motor Valley,” which is residence to manufacturers together with Ferrari , Lamborghini, Maserati and Ducati.
Manufacturing was anticipated to begin initially 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 the town of Reggio Emilia stated in a separate assertion that Monday’s videoconference was “vital and essential” however added they have been nonetheless ready to obtain minutes of the assembly signed by Silk-FAW executives confirming their commitments.