(Yicai Global) March 13 -- Faraday & Future Inc., the new-energy vehicle maker led by embattled Chinese entrepreneur Jia Yueting, could be bringing production of its FF91, set to be the world’s most expensive NEV, to China.
An affiliate of the US-based firm set up a new company last month whose registration details match requirements for an electric vehicle production site in the Nansha area of Guangzhou that recently went up for auction. The establishment of Ruichi Smart Car Guangzhou Co. may suggest that Jia is planning a factory on the mainland, National Business Daily reported today.
Jia unveiled the FF91, Faraday Future’s first electric car, at a supplier conference in the United States last month, saying it would be more powerful than a Tesla and could cost as much as USD250,000 in the States. With import fees, that jolts up to USD317,500 in mainland China. The company could cut costs if it manufactured locally.
The Nansha government recently leased three plots of land for different industrial operations, with bidders needing to be specialists in unmanned aerial vehicles, intelligent devices for Fortune 500 companies or new-energy vehicles. Bidders for the NEV plot must have a company registered in Nansha with initial capital of at least USD300 million that covers auto engineering, parts and sales.
Ruichi has a registered capital of USD300 million and its main businesses are car sales, auto parts design and vehicle maintenance tool services. Its sole shareholder is Smart Mobility Hong Kong Holding Ltd., a private company originally known as FF Hong Kong Holdings Ltd., according to information available on Hong Kong’s Companies Registry. Faraday Future often uses the moniker FF.
Smart Mobility Hong Kong is the controlling shareholder of FF Motor China Co., whose official account on Weibo, a popular Chinese social media platform, is owned by Faraday Future.
The successful bidder for the parcel of land must also kick off a world-class research, development and assembly project for electric vehicles within a month of acquiring the land, and obtain market access for to sell electric vehicles within five quarters from the project’s inauguration.
After racking up billions in debt at his over-stretched tech conglomerate LeEco, Jia resigned as chairman of its listed arm Leshi Internet and Information Technology Corp. and left for the US in July to focus on the electric car startup.