Faraday Future Sets up Headquarters in China, Promises New Models and 5 Million Cars By 2028

Matt Posky
by Matt Posky

Evergrande Health Industry Group Ltd, which owns a 45 percent stake in U.S.-based Faraday Future, said Tuesday that the electric vehicle startup has officially moved its headquarters to China. The group claims Faraday now plans on building five R&D and production facilities across the country over the next decade.

The intended goal is to have the startup reach an annual production capacity of 5 million vehicles within 10 years and launch multiple “premium to entry-level segments for the global auto market, to build an internet-based intelligent mobility ecosystem,” Evergrande said.

It sounds a little premature for a company that managed to evade certain death by the skin of its teeth — and only just snagged a manufacturing facility — a few months ago.

While the startup has supposedly begun assembly on the FF91 in the United States, we’ve yet to see a single finished example of the crossover — just a body in white. But now it’s promising new models, like the smaller FF81, and a production volume that could be understated as ludicrously ambitious.

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. This creates a bit of confusion, though. The investment holding company previously changed the name of Ruichi Intelligent Vehicle Co., a Chinese subsidiary, to “Evergrande Faraday Future.” However, the American-based FF is also supposed to expand into China as a separate entity and has now officially set up an HQ there.

While the corporate structuring of Faraday has always been incredibly difficult to follow, it became worse after Evergrande Group purchased its 45 percent stake last June as part of the holding company’s diversification strategy into the tech sector. Faraday’s ties to LeEco’s LeSEE are beyond muddled, despite both companies sharing the same chairman (Jia Yueting) and co-developing technologies. But now there is also a subsidiary based in China that’s also using the Faraday name.

The automaker’s new Chinese headquarters opened on the same day as the announcement (August 14th), which seems odd. But production at its facility in Hanford, California is supposed to humming along. We’ll see if that turned out to be true in a few months and, hopefully, be able to parse out how Evergrande organized everything.

[Image: Faraday Future]

Matt Posky
Matt Posky

A staunch consumer advocate tracking industry trends and regulation. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied with the corporate world and resentful of having to wear suits everyday, he pivoted to writing about cars. Since then, that man has become an ardent supporter of the right-to-repair movement, been interviewed on the auto industry by national radio broadcasts, driven more rental cars than anyone ever should, participated in amateur rallying events, and received the requisite minimum training as sanctioned by the SCCA. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and managed to get a pizza delivery job before he was legally eligible. He later found himself driving box trucks through Manhattan, guaranteeing future sympathy for actual truckers. He continues to conduct research pertaining to the automotive sector as an independent contractor and has since moved back to his native Michigan, closer to where the cars are born. A contrarian, Matt claims to prefer understeer — stating that front and all-wheel drive vehicles cater best to his driving style.

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  • Lynchenstein @EBFlex - All ICEs are zero-emission until you start them up. Except my mom's old 95 Accord, that used to emit oil onto the ground quite a lot.
  • Charles The UAW makes me the opposite of patriotic
  • El scotto Wranglers are like good work boots, you can't make them any better. Rugged four wheel drive vehicles which ironically make great urban vehicles. Wagoneers were like handbags desired by affluent women. They've gone out of vogue. I can a Belgian company selling Jeep and Ram Trucks to a Chinese company.
  • El scotto So now would be a good time to buy an EV as a commuter car?
  • ToolGuy $1 billion / 333.3 million = $3 per U.S. person ¶ And what do I get for my 3 bucks -- cleaner air and lower fuel prices? I might be ok with this 🙂🙂