SilkFaw, From Land Not Yet Purchased to Capital Skepticism: All the Questions About the Sino-American Pole of Electric Supercars in Emilia

to JAFSAin the province of Reggio Emilia, they still hope that the project faw silkthe joint venture between the Chinese and the Americans to produce Hybrid sports carGo to the port. Now, nearly a year after the investment of 1.3 billion euros Enthusiasm is announced, enthusiasm begins to subside. To confirm the suspicions raised by the local press about the intentions and support of the company Resignation For some senior executives, delays in purchasing the land on which the plant will be built have been added in recent days. And with the sad precedent of an operation in Munich, FAW, China’s second-largest car maker, was given a warning. Starting with the idea of ​​former CEOs BMW Based on April In 2016, the Byton project failed in 2019 by more than a thousand layoffs between China, the United States and Germany.

Suspicion that the factory will remain only advertisements also creeps into the political representatives. If the mayor of Reggio Emilia, Luca Vicki Expresses its optimism, the district chief, Stefano Bonaccini, less confident. “Hopefully the investment in Silk Faw will go well, but until we see him he realizes that we will not give him a single euro 4.5 million in financing Appointment,” Bonaccini commented in recent days. On the other hand, they confirm from the company the desire to move forward and remind them that the deadlines have been met. In fact, the inauguration was expected during the first half of this year: therefore, in theory, no There are still two months. In the meantime, they’ve been hired 58 employees Those working in Reggio Emilia Technopoli await the opening of the office. They explained that the only delay related to verb toBuy the last piece of land – Close to the high-speed rail station – on which the factory will be built. He told The rest of Carlino Head of Silkfaw US financier Jonathan Crane. But the assurances received from the company did not extinguish the controversy.

The reasons given for the reason for postponing the bond which should have been done many weeks ago. Ranging from pandemic to crisis in the car market, Passes through bureaucracy The need to raise capital. Meanwhile, the company also lost some important executives. The best known name is Amedeo Feliciawho served between 2008 and 2016 as CEO of Ferrari. He was hired last April as a collaborator with Krane, and his contract with Cavallino’s former manager expired in October and It has not been renewed. Felica’s departure in March of this year was followed by the departure of Commercial Director Paolo Gabrielli.

But in addition to the excellent farewell, there is also a great deal of bewilderment‘Environmental impact’ From the factory. The site, in fact, will extend over 320,000 square metres, the equivalent of 45 football fields. “Initially the project had to be implemented on renewal From the old buildings “Comments A M5S MEP, Sabrina Bingoli “I wonder if it would make sense to solidify such a large chunk of soil.” Also because the project includes a production plant, a Research and development center and test path. According to many, it will be the latter that will occupy most of the area. “Some are made Exceptions It is completely absurd,” continues the European Parliament, “For example Environmental Impact Assessment. They say it is not necessary. However, in my opinion, this is necessary, especially since this company will be able to do everything by going to see the registration at the Chamber of Commerce: the purpose of the company is very broad. ” On this point, the territory informs that after submitting the project for preliminary examination, it was not It is necessary to proceed with the EIA, as no “critical issues” have arisen.

this while service conference, The meeting between the local authorities responsible for issuing opinions and permits is not closed. The municipality of Reggio Emilia, in fact, is waiting for a signature verb to make a decision Infrastructure costs To be paid by SilkFaw, about 4.5 million euros, giving the final green light to the project. In short, the situation is muddled and its complex institutional structure certainly does not serve the joint venture. According to MEP, who presented Enquiry about European CommissionFunding sources are completely opaque, with accounts in the Cayman Islands and matryoshka from Chinese and US companies.

To manage the process has been created Silk FAW Automotive Group Italy srlHeadquartered in Reggio Emilia and paid-up capital of €26.6 million, owned by the Irishman Silk Eve Company Limited. The latter, in turn, is controlled by a Chinese-owned company based in the Cayman Islands. At the end of the series, she comes to a corporation under US law. The parent company, which will control the Italian company, will be the newborn Silk Sport Car Company, whose shares are divided between Eve silk By Jonathan Crane (85%) and FAW Holdings (15%). Important details: The Caymanian company, Silk Ev Cayman Lp, was to release a file15 million convertible bonds The company subscribed in Euros Idianomics Inc. According to a note from a secondAccording to one of Pignoli’s collaborators, the proceeds from the operation were also to be used to fund the Gavassa project. Silk Cayman Lp, second memo, acknowledges, “Proceeds (…) will be used exclusively for costs and expenses relating to its establishment and business operations of Silk Faw Automotive Group Ltd and/or certain of its subsidiaries (“Silk Faw Automobiles”).

On the other hand, the question of Finance It is critical. So far, according to Corriere della Sera, They could have been Payment of invoices with suppliers of 20 million euros. Silk Faw intends to invest 1.3 billion euros by 2028, in which – according to the announcements – it will build Italian pole for electric car High quality which, when fully operational, will be able to count on 1040 employees. To do this, the financier of New York Crane aims to raise 400 million euros in the markets over the next 18 months. An undertaking that may not be so simple, given the times.

According to the company’s plans, production is expected to start in 2024 with the launch of the first car, the S9 Hybrid, a luxury sports car worth €2 million. to 400 samples of S9a few thousand will be added from 2025 S7, an all-electric sedan (cost 250 thousand euros). However, the bulk of the recruitment will take place in the next year.

Public finance deserves a separate chapter. In early April, SilkFaw submitted the documents to sign a development contract with it InvitaliaThrough which privileges and grants are obtained. The process by which, however, at the moment nothing else is known. In fact, from the National Agency for Attracting Investments, they prefer not to comment. Instead, there are plenty of details about the money coming in from the region about which opposition has been unleashed, primarily the center-right.

In fact, they were in Silk Vow €4.5 million grants Based on the 2014 Law on Attracting Investments, the highest number among 19 companies that participated in the bid. Specifically, the company requested funding for “industrial research interventions” and the hiring of disadvantaged workers, obtaining the highest scores in the rankings. However, the money has not yet been disbursed. Actually according to the 2014 law The release of funds is subject to the achievement of objectives and technical verification by district. In short, at the moment, Silk Faw has not taken any public funds. The money that will be required, however, is to support a sector, that of electric cars, which Italy lags somewhat behind. If the project manages to take off, we’ll see. Of course, for now, there is only the fact that Investing in the Reggiano sector of Engine Valley has become a national affair.

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