Faraday smart car maker wins bid for Guangzhou site

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Jia Yueting, co-founder and head of Le Holdings Co Ltd, also known as LeEco and formerly as LeTV, poses for a photo in front of a logo of his company after a Reuters interview at LeEco headquarters in Beijing, China. Photo: Reuters/Jason Lee

Ruichi Intelligent Automobile, a smart automaker linked to Faraday Future and LeEco founder Jia Yueting, has won a bid for an industrial site in Guangzhou city in South China, The Paper reported.

According to the Guangzhou Public Resources Trading Center, the auction started at 3 pm on Sunday and the trading result was disclosed on the website less than 10 minutes later.

The quotation was the final transaction price, 364 million yuan (US$57.72 million).

The deal was also seen as a signal for Jia Yueting’s possible comeback. The plan is to establish an electric car assembly project and pursue R&D on future technology, with a possible tie-up with local goverment.

Due to the capital chain rupture at LeEco, Jia was subsequently removed from all positions in the company and went to the United States in July 2017.

In January this year, Jia defied an order from Beijing’s securities regulator to return to China, instead stating he would remain in the US to take care of his smart vehicle program, Faraday Future.

 

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