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FAW JIEFANG GROUP CO., LTD

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FAW Jiefang : Silk-FAW to build sportscar plant in Italy's 'Motor Valley'

05/03/2021 | 01:07pm EDT
The logo of China FAW Group Corp is pictured at the Auto China 2016 auto show in Beijing

MILAN (Reuters) - Silk-FAW, a venture between Chinese automaker FAW and U.S.-based engineering and design firm Silk EV, said on Monday it had picked Reggio Emilia, in Italy's "Motor Valley", to build its electric and hybrid luxury sportscars.

The joint venture has pledged to invest more than 1 billion euros ($1.2 billion) over three years, but has so far not provided further financial details.

It is developing cars under the Hongqi brand, which it will manufacture in Italy and China. Its first model, the plug-in hybrid Hongqi S9, was unveiled last month at the Shanghai Auto Show.

"This is an iconic area for the entire automotive network and an ideal location to meet our logistic and production needs for the Hongqi S Series," Silk-FAW Chairman Jonathan Krane said in a statement on Monday.

Italy's Motor Valley is home to some of the country's best known luxury carmakers, including Ferrari, Lamborghini, Pagani as well as motorbike maker Ducati.

Production at the Reggio Emilia site is expected to start at the beginning of 2023, said Silk-FAW, which last week appointed former Ferrari CEO Amedeo Felisa as a special adviser.

($1 = 0.8293 euros)

(Reporting by Giulio Piovaccari; Editing by Alexander Smith)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FAW JIEFANG GROUP CO., LTD 2.37% 11.23 End-of-day quote.-3.85%
FERRARI N.V. 0.71% 198.65 Delayed Quote.-13.45%
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Sales 2021 93 391 M 14 509 M 14 509 M
Net income 2021 3 821 M 594 M 594 M
Net cash 2021 9 440 M 1 467 M 1 467 M
P/E ratio 2021 13,6x
Yield 2021 2,32%
Capitalization 52 227 M 8 113 M 8 114 M
EV / Sales 2021 0,46x
EV / Sales 2022 0,44x
Nbr of Employees 21 077
Free-Float 15,6%
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Average target price 11,97 CNY
Last Close Price 11,23 CNY
Spread / Highest target 46,8%
Spread / Average Target 6,57%
Spread / Lowest Target -55,5%
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