Manufacturing News

Faraday Future sets up HQ in China

The company that owns a 45 percent stake in electric vehicle startup Faraday Future said Faraday has set up its operating headquarters in China and plans to build five r&d and production bases across the country in the next decade.

Evergrande Health Industry Group, which bought 45 percent of Faraday in June as part of the group’s diversification into high-tech sectors, said in a statement that Faraday wants to reach a planned annual production capacity of 5 million vehicles after 10 years as it will launch various multitype vehicle series covering high- to low-end products in the global market to establish Internet-based smart traveling.

The new headquarters, called Evergrande FF Intelligent Automotive (China) Co., will be responsible for technology r&d as well as the production, operation and management of Faraday in China.

Evergrande Health, a subsidiary of property developer China Evergrande Group, said Faraday’s first high-end vehicle, the FF91, has arrived at its production base in the United States and full-vehicle assembly has begun.

Faraday was founded by Chinese entrepreneur Jia Yueting, whose conglomerate LeEco is battling a cash crunch after a period of rapid expansion in a bid to overtake Tesla.

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