Shanghai (ZXZC)- FAW Group is about to establish a joint venture with Silk EV, a U.S.-based automotive engineering and design company, to build the first Hongqi-branded sports car.

According to a letter of intent both parties signed recently, the new model will be within Hongqi’s S-series lineup and the production line is to be launched before long. Silk EV plans to pump RMB10 billion into the project over the next five years.

Besides, the significant model will be put into mass production in Changchun, while the design work will take place in Italy.

Hongqi reportedly attempts to put a luxury sports car into the market by 2021, which is in all likelihood the S9, whose concept model was unveiled at the 2019 Frankfurt International Auto Show in last September.

(Hongqi S9, photo source: FAW Group)

The S9 grabbed the attention of many viewers with its exceptionally streamlined car body, large-sized the aerodynamics package, massive rear spoiler and Hongqi's signature design at the front. In addition, it boasts a great lightweight design by largely using carbon fiber materials.

Hongqi said the S9 is equipped with a V8T engine that pumps out 1,400 horsepower (around 1030kW). Thanks to the powerful powertrain and outstanding aerodynamics design, the car features a top speed of 400km/h and can sprint from 0 to 100km/h in 1.9 seconds.

Founded in 2019, Silk EV is an automotive engineering and design company headquartered in New York with operations in Italy, China and the United States. It has partnered with such global auto brands as Bugatti, Pagani, Porsche, Ferrari, and Lotus.