FILE PHOTO: Visitors look at the FAW Hongqi H9+ at the Beijing International Automotive Exhibition, or Auto China show, in Beijing, China September 26, 2020. REUTERS/Thomas Peter
MILAN (Reuters) - Silk-FAW, a start-up between U.S. automotive engineering and design firm Silk EV and Chinese automaker FAW, said on Monday it would press ahead with a one-billion euro ($1.02 billion) investment plan to build electrified cars in Italy.
Silk-FAW will finalise on Aug. 5 the purchase of the land in the city of Reggio Emilia where the production site will be built, it said in a statement after meeting local authorities.
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