MILAN: Silk-FAW, a start-up between U.S. automotive engineering and design firm Silk EV and Chinese automaker FAW, said on Monday it would press ahead with a one-billion euro ($1.02 billion) investment plan to build electrified cars in Italy.

Silk-FAW will finalise on Aug. 5 the purchase of the land in the city of Reggio Emilia where the production site will be built, it said in a statement after meeting local authorities.

Earlier this month Italy’s Emilia-Romagna regional government sought reassurances from Silk-FAW amid fears that the plan might not go ahead.

Tesla gets second SEC subpoena over Musk’s 2018 go-private tweet