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Agricultural Development Bank of China
CLASS

SILK EV to produce the Chinese (electric) supercar

May 01, 2020


Abstract : The initiative was promoted by the Faw group, one of the largest Chinese auto manufacturers, with a turnover of 90 billion dollars. The Changchun municipal government and the two companies signed a letter of intent to cooperate on the Hongqi S-series project.

MILAN, Apr. 28 (Class Editori) - Chinese and Americans together in Modena to produce supercars. This is thanks to two innovative companies in Modena. 

One is Hongqi, the brand active for 60 years that is increasingly positioned among the luxury cars of the Chinese automotive group FAW Group (First Automobile Work), a giant capable of over 4 million vehicles sold in China included in the Fortune 100 ranking with $ 90 billion in revenue. 

The second is SILK EV, with offices in New York, Changchun (northeast China) and Modena, a study and engineering center focused on the car of the future.

Hongqi has announced that it will set up a joint venture with SILK EV to produce by focusing on the research and development and production center based in Modena (the Racing Canyon) right in the heart of the Emilian Motor Valley, his first high-performance model.

The municipal government of Changchun, located in Jilin, and the two companies, during a video conference, signed a letter of intent to cooperate in the Hongqi S-series project. Silk/Faw will invest in the "Red Flag S" project 10 billion yuan, about € 1.3 billion, over the next five years to build Chinese hypercars.

The goal is to transform this brand into a reference point for luxury electric and non-electric sports cars. And Italy could become the headquarters of the production plant.

A decision will be made in the coming weeks. It would be a big investment given that in the plans of the joint venture also the creation of a new series of sports cars and luxury sedans full electric and Plug-in. Honggi's first hypercar (translated would be "Red Flag") is the S9 which was unveiled at the Frankfurt Motor Show last year.

It is a model with interesting specifications as it has a 1,400 HP V8T hybrid engine that allows the car to accelerate from 0 to 100 km/h in 1.9 seconds and reach 400 km/h. The brand was founded in 1958 in Manchuria and in the first quarter of the year it sold more than 25 thousand cars, with a truly remarkable increase of 88% compared to the previous year.

SILK EV has offices in China in Changchun. One thing is certain: the production line and the creation of a "center for experience" will be activated as soon as possible.

In the past, the automaker stood out for its representative sedans (the L5 limousines loved by Mao Zedong) winking at the Audi-style SUVs while the new prototypes demonstrate how much the brand intends to diversify the offer, also aiming soon at European market.

In China too, "work is in progress": the Faw group has announced the start of construction of a new plant based in Changchun, designed to produce new energy vehicles and vehicles connected in an intelligent way with its premium brand Hongqi.

Hongqi with all the Faw Group is one of the manufacturers that is trying to adapt to the new era indicated by President Xi Jinping with the slogan made in China 2025, which aims to bring China in the leading position in strategic sectors, including the electric car.

The positioning is clear given that Faw in Beijing, in Jinbao street, one of the main and most luxurious in the capital. Faw has opened a dealership near those of brands such as Rolls-Royce, Maserati, Ferrari, Aston Martin and Mercedes. (All rights reserved)

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