August 14, 2018 / 10:43 AM / a year ago

Evergrande Health says Faraday Future sets up headquarters in China

HONG KONG, Aug 14 (Reuters) - Evergrande Health Industry Group Ltd, which owns a 45 percent stake in U.S.-based Faraday Future (FF), said the new-energy vehicle startup has set up its operating headquarters in China on Tuesday and it plans to build five R&D and production bases across the country in the next decade.

FF aims to reach a planned annual production capacity of 5 million vehicles after 10 years as it will launch various multi-type vehicle series covering high- to low-end products in the global market to establish internet-based smart travelling, the company said in a statement.

Evergrande Health, a subsidiary of property developer China Evergrande Group, bought 45 percent of FF in June as part of the group’s diversification into high-tech sectors.

The new headquarters, called Evergrande FF Intelligent Automotive (China) Co., Ltd, will be responsible for technology research and development, as well as all of the production, operation and management of FF in China.

Evergrande Health said FF’s first high-end vehicle, FF91, has arrived at its production base in the United States and full-vehicle assembly has officially started.

FF 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. (Reporting by Clare Jim; Editing by David Evans)

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