MILAN -- Silk-FAW, a start-up of U.S. automotive engineering and design firm Silk EV and Chinese automaker FAW, said it would press ahead with a plan, worth over one billion euros ($1.02 billion), to build electrified cars in Italy.
Silk-FAW will finalize the purchase of the land in the city of Reggio Emilia where the production site will be built starting Aug. 5, it said in a statement on Monday after attending a videoconference with local authorities.
Silk-FAW said it would hold the opening ceremony for the construction of the site, which will also include the company's headquarters and a research center, in early September.