Faraday Future based in Guangzhou changes name as Evergrande Faraday Future

Shanghai (Gasgoo)- Faraday Future's subsidiary, Ruichi Intelligent Vehicle (Guangzhou) Co., Ltd. founded in Guangzhou, changed its name as Evergrande Faraday Future Intelligent Vehicle (Guangdong) Co., Ltd. on July 24, according to the information revealed by the National Enterprise Credit Information Publicity System on Aug. 3.

Wang Zhigang, legal representative of Ruichi now was replaced by Peng Jianjun, vice president of Evergrande Group, while the director of finance was also changed with Liu Jun. In fact, this was not the first time for Evergrande Group's senior executives to take charge of Faraday Future. 

On June 25, Evergrande Health Industry Group Limited announced that the company has acquired 100% stake in the Hongkong-based Season Smart Limited (hereinafter referred to as Season Smart) with an investment of HK$6.746 billion. At the same time, the subsidiary of Evergrande Group has indirectly obtained a 45% stake in Smart King Ltd, a joint venture (JV) between Season Smart and the EV startup Faraday Future (hereinafter referred to as FF), which signified that the real estate giant has formally become one of FF's investors.

After the acquisition, Xia Haijun, vice president and chairman of Evergrande Group took the post of chairman of Smart King, while Jia Yueting served as founder and CEO of FF Global.

Evergrande Faraday Future Intelligent Vehicle (Guangdong) Co., Ltd. (newly-named ) was established on Feb. 12 with registered capital of $300 million. Its controlling shareholder is Smart Mobility (Hong Kong) Holdings Limited. At the beginning of April, the former Ruichi Intelligent Automobile Co., Ltd. (Ruichi) gained an area of 401,000 square meters in Nansha District, Guangzhou through bidding.

It is said that if Jia Yueting is incapable of delivering the first batch of FF models in the first quarter of 2019, Jia will lose the controlling power in Smart King. In recent days, FF announced the completion of the first FF 91's body-in-white, which started to have parts assembled together. The first batch of the FF91 is expected to be delivered between December of 2019 and the middle of 2019.