Silk-Faw, the Emilia-Romagna Region "straccia" the agreement. Funds revoked

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The project was ambitious and required an investment of one billion euros from of the joint venture between the Chinese FAW Group and the American Silk EV to go and create a factory in the Italian Motor Valley where premium Plug-in and electric cars would be produced. A project that could also count on high-profile partners. The Hongqi S9 supercar had even been unveiled, a model designed by Walter de Silva and equipped with a 4-litre turbocharged V8 combined with a plug-in system. A car that was to be produced right inside the new factory.

THE DECLINE OF THE PROJECT

A project that had caused a lot of talk and on which there were many expectations but, in the end, it was; shipwrecked. After the announcements, the agreements with the Emilia-Romagna Region to receive funding and the first hires, the problems had begun that had made the goodness of the company questioned. of the project.

For example, he jumped; the purchase of the land where the factory was to be built. In addition, the company – began not to pay the rent of the offices where the employees worked and not to pay supplier invoices. Then wage arrears began with many employees deciding to leave the company. Therefore, it seemed clear that there were very important problems in finding the fundsnecessary to carry out the project. The Chinese then "disappeared" from the joint venture which became Silks Sports Car Company. The top management of the company they also tried to reassure more; times the authorities, stating that the project would go ahead, even setting deadlines that were not respected.

We now come to what we can define as the final chapter of this story. The Emilia-Romagna Region has torn up the agreementfor the construction of the factory, canceling the expansion planned for the industrial area of ​​Gavassa-Prato equal to approximately 79 thousand square metres. In addition, the Region has revoked the 4.5 million euro contribution that the company has made. it was awarded after participating in a tender in 2021. The funding, it should be emphasized, is not an offer. never been disbursed as linked to a spending commitment of 11 million euro by the joint venture. These resources, therefore, return to full availability; of the budget of the Region.

The company, on February 22, 2023, would have expressed the will; to renounce the settlement and development agreement signed on 27 April 2022. Taking note of this position, the Region tore up the agreement. The company he will be able, if he wishes, to appeal against this decision, but it seems very unlikely that he will be able to do so.

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