Chinese FAW will invest 1 billion euros in a factory in Italy
May 14, 2020The Chinese concern intends to invest about 1 billion euros in the creation of an electric car design center in Northern Italy, which has suffered most from the COVID-19 pandemic.
According to the Financial Times, the largest Chinese automaker will create a new production site in the Emilia-Romagna region, which will develop and produce “luxury electric and hybrid cars.” The company will be established as a joint venture with US-based startup Silk EV.
The FAW believes that this will provide jobs for thousands of Italians. In this case, the head office of the joint venture will be located in China, in Jilin Province, where the FAW headquarters is located.
This enterprise will be the first largest for FAW outside the home market. The COVID-19 pandemic has exacerbated a downturn in China’s auto market, and the country’s leading industry association is forecasting sales decline of at least 15% in 2020.
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