Silk EV and FAW, China's largest car manufacturer and VW local joint venture partner, said on Wednesday they had launched a joint venture to develop a series of ultra-luxury, high-performance, new energy sports vehicles for China and export markets.

The Silk-FAW JV plans to launch the new full electric and hybrid luxury models under the Hongqi S series – the first model will be the ultra-luxury S9 hypercar.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The car will be designed and manufactured in Italy's Regione Emilia-Romagna where Silk EV is based. As development continues, production will be in both Italy and Changchun, where FAW has its headquarters.

Today's launch of the joint venture followed an announcement by Silk EV and FAW in May 2020 of their plans to "integrate the best of China and Italy's capabilities in a partnership that combines cutting-edge automotive, artificial intelligence, connectivity, innovative battery solutions, and IoT with Italy's world-class design and engineering expertise".

The partnership is the first JV between China and Italy in the super premium and premium auto segments with a commitment of more than EUR1bn.

"The joint venture will be a unique opportunity for China and Italy to bring forth the future of mobility and electrification technology, thereby setting a new benchmark for the world and improving the global automobile ecosystem," the partners said in a statement.

Italian car designer, Walter De Silva has been appointed VP of styling and design for the JV.  He will design the entire lineup of the Hongqi 'S' series of new energy vehicles.

He said: "We are in the final styling phase for the Hongqi S9 [which] has core elements of beauty and elegance, ultimately embracing the 'essence of beauty'."

The JV will also develop a fully connected innovation centre, production facilities, showroom and customer centre in Emilia-Romagna and a production facility and innovation centre in Changchun.

Hongqi – China's unstoppable luxury car brand?