In Depth: How Hongqi’s Supercar Dream Unraveled in Debt and Liquidation

Detailed summary

FAW’s partnership with U.S. startup Silk EV promised an entry into the global supercar market. More than five years later, the car remains undelivered and liquidators are tracing investor funds

At the Shanghai auto show in April 2021, a red-and-black supercar with sharply sculpted bodywork commanded attention at Hongqi’s booth. Xu Liuping, then chairman of the Chinese luxury brand’s parent, FAW Group, announced that global orders were opening for an initial run of 99 cars.

The Hongqi S9 promised more than 1,400 horsepower, acceleration from zero to 100 kilometers an hour in under two seconds and a top speed above 400 kilometers an hour. Its announced price was $1.45 million.

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