As a result, Saleen and Wang were granted two thirds ownership of the newly minted company Jiangsu Saleen Automotive Technologies. Rugao’s city government owns the remaining third of the company and was tasked with providing $500 million in capital as well as $600 million in subsidized loans over a three-year period.
The company went on to hire over 1,000 employees and develop a unique SUV in certification. Fast forward to the onset of the COVID-19 pandemic and Saleen’s fortune drastically changed.
With both Saleen and Wang trapped in the U.S. due to travel restrictions, reports reached the partners that Chinese authorities had seized the factory with six police cars and vans loaded with private security forces.
According to reports, Chinese executives within the company were forced to resign or face consequences from the Rugao government while all other employees were terminated and forced to leave.
In addition, two other employees, Frank Sterzer, a German national who is vice president of manufacturing and Grace Yin Xu, a Chinese national who headed corporate affairs, were detained by authorities. Sterzer was held for six hours and released while Xu was held for over a month after refusing to admit that Wang had embezzled funds.
