Shanghai (ZXZC)- Evergrande Health Industry Group Limited (Evergrande Health) announced on August 14 that Faraday Future (FF) has set up its operating headquarters in China on the same day.

The newly-established headquarters, called Evergrande Faraday Future Intelligent Automotive (China) Co., Ltd, will take charge of the technology R&D, as well as FF's production, operation and management in China, focusing on boosting the application of foremost new energy vehicle (NEV) technologies in the world's largest auto market.

According to the announcement, FF plans to build five R&D and production bases in China over the next decade. Besides, the NEV maker aims to achieve a planned annual capacity of 5 million vehicles after 10 years and will roll out diverse models, such as the FF91 and the FF81, covering premium to entry-level segments for the global auto market, to build an internet-based intelligent mobility ecosystem. 

Meanwhile, Evergrande Health said the first FF91 body-in-white has arrived FF's assembly facility in Hanford, California, where the complete vehicle assembly has officially started. Besides, the company is simultaneously conducting various tests, including the engineering test, to ensure the completion of its first batch of FF91 volume vehicles by first quarter next year.

Evergrande Health, a subsidiary of the property developer China Evergrande Group, announced on June 25 that it 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 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 formally became one of FF's investors.