(Yicai Global) Dec. 21 -- Faraday Future’s formation of a new company in China this month may pave the way for the electric carmaker to mass-produce its first vehicle in the country, The Paper reported today, citing analysts.

FF Automobile Zhuhai was set up in the southern city of Zhuhai with registered capital of USD250 million, according to corporate information platform Tianyancha. Its legal representative is Jia Chentao, who is also a supervisor of LeEco Eco-Auto Zhejiang, and its business covers vehicle production and sales, research and development of auto parts, as well as car rentals.

Los Angeles-based Faraday Future, which was founded by bankrupt Chinese businessman Jia Yueting, announced on Weibo on Dec. 9 that its was moving forward with its mass production plans as another FF91 pre-production vehicle had been completed and would be added to its road-testing fleet.

Jia said in July that he no longer owns an equity stake in Faraday Future after his personal bankruptcy reorganization in the United States. But he added that it was “still my core mission in the next stage of my life to work with all FF partners to make FF, and to return home promoting markets both in China and the US.”

In October, the company announced it had raised USD45 million in debt financing from two major US financial institutions. The firm had secured enough operating capital to weather a short-term cash flow crisis before an initial public offering, it added.

Company sources revealed that Faraday Future’s global financing is under way, The Paper said.

FF Automobile Zhuhai is wholly owned by FF Hong Kong Holding, an affiliate of Faraday Future, and owns FF Automotive China.

Editor: Peter Thomas