HONG KONG -- Evergrande Health Industry Group Ltd., which owns a 45 percent stake in U.S.-based Faraday Future, 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.
Faraday aims to reach 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 traveling, the company said in a statement.
Evergrande Health, a subsidiary of property developer China Evergrande Group, bought 45 percent of Faraday 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 Faraday's first high-end vehicle, the FF91, has arrived at its production base in the United States and full-vehicle assembly has officially started.
Faraday 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.