(Yicai Global) Aug. 15 -- Faraday Future, the electric carmaker Evergrande Group recently took a major stake in, has moved headquarters to China and intends to build five production bases in the country.
Inaugurated yesterday, the new company is named Evergrande FF Intelligent Automotive China, Evergrande Health Industry Group said in a statement the same day. Faraday Future will also build five bases for research, development and production in eastern, western, southern, northern and central China over the next decade, the statement added.
Faraday Future's carmaking efforts have accelerated across the board following Evergrande's investment, with frequent news about product research and development, factory construction and other changes. Faraday Future's Guangzhou unit Ruichi Smart Car was rechristened Evergrande FF Guangdong last week to reflect the shifting terrain. US-based electric car giant Tesla also announced plans last month to set up a plant in the world's biggest auto market.
Faraday Future's bases in China will have a combined annual production capacity of 5 million vehicles after 10 years. Peng Jianjun, who is vice chairman of Evergrande Health and vice president of Evergrande High-Tech Group, is also the first chairman of Evergrande FF, online media Jiemian News reported
Established on Aug. 7 in the southern city of Guangzhou, Evergrande FF has registered capital of USD2 billion, according to information registered with industry and commerce authorities. One day the firm may oversee Faraday Future's full vehicle business since its registered capital is equal to the amount of funds Evergrande Health pumped into the electric vehicle maker.
Faraday Future's first body-in-white for its FF91 luxury model has arrived at the firm's production base in Hanford in the US state of California and full vehicle assembly has begun, Evergrande Health also said in the statement. Rigorous tests are underway to ensure the model meets its scheduled mass production target by the first quarter of next year.
Editor: Ben Armour