CHANGCHUN, April 24 (Xinhua) -- Hongqi, a brand under China's leading automaker FAW Group, announced that it will set up a joint venture with SILK EV LLC from the United States to manufacture its first super sports model.
Via a video conference on Thursday, the municipal government of the northeastern Chinese city of Changchun, FAW and SILK EV LLC signed a letter of cooperation intent on the Hongqi S series project.
SILK EV LLC will invest 10 billion yuan (about 1.42 billion U.S. dollars) in the next five years to build Hongqi S series products, aiming to make it a world-famous luxury sports car brand. The company, headquartered in New York, has wholly-owned research, development and production center in Modena, Italy.
Unveiled at the Frankfurt Auto Show last year, the S9 is Hongqi's first super sports model, which boasts a maximum speed of 400 kmh and a 100-km acceleration within 1.9 seconds. It is equipped with a newly-developed V8T hybrid system with 1,400 horsepower.
In the first quarter this year, Hongqi sold more than 25,000 cars, up 88 percent year on year.
Hongqi, meaning "red flag," is China's iconic sedan brand. The brand was established in 1958 and has been used as the vehicle for parades at national celebrations. Enditem