MILAN (Reuters) – Silk-FAW, a start-up between U.S. automotive engineering and design firm Silk EV and Chinese automaker FAW, said on Monday it would press ahead with a one-billion euro ($1.02 billion) investment plan to build electrified cars in Italy.
Silk-FAW will finalise on Aug. 5 the purchase of the land in the city of Reggio Emilia where the production site will be built, it said in a statement after meeting local authorities.
Earlier this month Italy’s Emilia-Romagna regional government sought reassurances from Silk-FAW amid fears that the plan might not go ahead.
($1 = 0.9791 euros)
(Reporting by Giulio Piovaccari, editing by Giulia Segreti)
