Mar. 13 (NBD) -- Electric vehicle startup Faraday Future Inc. and its founder Jia Yueting were both active on Twitter recently, shedding some light on the testing of the long-awaited electric car FF91.
Coincidentally, Smart Mobility (Hong Kong) Holdings Limited ("Smart Mobility"), which was formerly known as FF Hong Kong Holdings Limited and owns a 95 percent stake in Faraday Future (China) Co., Ltd., set up a new project company at Nansha District of Guangzhou, capital of South China's Guangdong province last month. The new entity features a registered capital of 300 million U.S. dollars, and principally engages in automobile sale, auto parts design, auto repair tool design, and other services.
This makes the newly built firm a sister company of Faraday Future (China).
It's also noted that Jia Yueting's nephew Wang Jiawei is the chairman of Faraday Future (China), and the company is running Faraday Future Inc.'s verified account on Sina Weibo.
Speculations say that the establishment of the new entity is related to an announcement made by Nansha district, which involves the transfer of the use rights of three pieces of land for industrial use.
One out of the three pieces of land is for an all-electric car project, and only enterprises that have project firms with a register capital of more than 300 million U.S. dollars at Nansha district are eligible for the bidding. Meanwhile, the project firms should focus on technical research and development of automotive engineering, manufacturing and sale of auto parts, and automobile sale. In addition, the winning bidder is required to bring in a first-class all-electric car assembly project within one month after getting the land-use right, and to gain approval for market access for its cars within five quarters after the kick-off of the project.
NBD tried to contact the local land resources and planning bureau for more information about bidders, but nothing valuable was obtained. Whether Jia Yueting will produce electric cars in China remains to be confirmed.
According to previous reports, the first batch of the FF91 will be delivered at the end of this year, expected to be priced above 2 million yuan (316,365 U.S. dollars) in China.
Industry insiders held the whopping price will likely hinder the car's sales. The change of China's subsidy policy for electric cars will also be a challenge for Faraday Future Inc. if it produces and launches electric models in China.