U.S. firm, FAW to build sports cars under Chairman Mao's favoured brand Hongqi

BEIJING (Reuters) - A little-known U.S.-based engineering and design firm said it plans to invest 10 billion yuan ($1.41 billion) to make sports cars with China's FAW Group [SASACJ.UL] under the brand of choice of late revolutionary leader Chairman Mao Zedong, Hongqi.Silk EV on Monday told Reuters it has signed a memorandum of understanding with FAW to launch a joint venture in the state-owned automaker's hometown of Changchun, northern China, to make cars it has dubbed the S-series.The plan was..