Faraday Future Establishes HQ in China after Evergrande Became a Major Investor
Evergrande Health Industry Group Ltd. announced on August 14th that Faraday Future, a U.S. electric vehicle startup, has set up its operating headquarters in China and plans to build five R&D and production facilities across the country in the next decade.
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The newly-established headquarters, named Evergrande Faraday Future Intelligent Automotive (China) Co., Ltd, will be fully responsible for technology R&D, as well as production, operation and management, promoting the application of the world’s leading new energy vehicle technology in China.
According to Faraday Future’s long-term strategic plan, it aims to reach an annual capacity of 5 million units in ten years as it will introduce a variety of multi-type vehicles such as FF91 and FF81 to create an intelligent mobility ecosystem and meet the demand of an ever-growing auto market. Evergrande Health said in the announcement that the body of the first FF91 has arrived in an assembly facility in Hanford, California for complete vehicle assembly. Meanwhile, the company is conducting a series of rigorous tests such as engineering tests to meet the production target for the first batch of FF91 in Q1 2019.
Evergrande Health, a subsidiary of property developer China Evergrande Group, became the largest shareholder of Faraday Future in June by indirectly obtaining 45 percent of Smart King Ltd, a joint venture between Faraday Future and a company 100 percent owned by Evergrande Health named Season Smart.
Faraday Future received much attention last year when its CEO and co-founder Jia Yueting, also LeEco’s founder, was caught in financial troubles and turmoil. It was confirmed in July that Xia Haijun, CEO of Evergrande Group, has assumed the post of Faraday Future’s Chairman while Jia remains the global CEO.