In a sign of just how much Chinese money is now shaping the electric vehicle industry, it’s been revealed that Karma Automotive and Faraday Future will both be building new manufacturing facilities in the same Chinese city, according to recent reports.
Despite developing these new facilities in the same city (Hangzhou), it should be noted that the companies don’t seem to have any funding in common — Karma Automotive is backed by Wanxiang, but Faraday Future by LeEco.
With regard to the Karma Automotive facility, Wanxiang recently applied for the
environmental-impact review of a proposed site in Hangzhou for the facility. The proposed facility would possess a production capacity of around 50,000 vehicles a year, and would cost around 2.5 billion yuan (~$375 million) to develop.
The Karma facility would manufacture both Revero plug-in hybrids (PHEVs) and also the smaller “Atlantic” model — designed by Fisker but never released. The Atlantic model would account for around four-fifths of all the vehicles produced at the facility.
It’s not yet clear whether the Atlantic will be built only at the Chinese facility or also at the new facility in California.
With regard to the potential Faraday Future (LeEco) facility in Hangzhou, the company has yet to receive a permit, from what we’ve read. The potential facility would cost around 12 billion yuan (~$1.8 billion) to develop and would (ultimately) possess a production capacity of up to 400,000 vehicles a year.
The facility would be part of a broader “Eco Experience Park” featuring office buildings and an amusement park.
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