Faraday Future-related firm wins bid for land in Guangdong: report

Guangdong Province-based Ruichi Intelligent Automobile Co, a company that is linked to Faraday Future, which was invested in by LeEco Founder Jia Yueting, won a bid for an industrial site in Guangzhou, capital of South China’s Guangdong Province, domestic news site finance. qq.com said on Sunday.

Ruichi spent 364.1 million yuan ($57.8 million) to acquire the land, which is located in the Nansha district in Guangzhou, the provincial capital, and covers about 401,000 square meters, the report said, citing the local service center.

The site will be used for industrial construction and the land rights transfer term runs for 50 years, according to the finance. qq.com report.

The company is expected to bring in electric car assembling projects from world-class vehicle producer to conduct research and development on the technology of the projects and sales of cars and components, the report said. Ruichi is also expected to tie up with the local government to establish a production and trade base for electric cars.

Ruichi was set up in Nansha district on February 12 with registered capital of $300 million, the report said, noting that the company’s legal representative is Wang Gang, whose registered place of origin is Beigaoyu village in North China’s Shanxi Province, the same as Jia.

The report also said that Ruichi’s controlling stakeholder is Hong Kong-based Smart Mobility (Hong Kong) Holdings, which holds a 95 percent stake in Faraday Future China.