Faraday Future, a global shared intelligent mobility ecosystem company and China’s largest privately owned automotive group, Zhejiang Geely Holding Group, have jointly signed a framework cooperation agreement. The two sides will cooperate in technology and engineering support, and will explore the possibility of using OEM production services provided by the joint venture between Foxconn and Geely.
Foxconn is a major electronics supplier to Apple.
At the same time, Geely Holding Group has also signed a subscription agreement to become a minority investor in Faraday Future in connection with the previously announced business combination between Faraday Future and Property Solutions Acquisition Corp. (NASDAQ: PSAC).
The transaction reflects an implied equity value of the combined company of approximately $3.4 billion.
F’s flagship product offering will be the FF 91, featuring industry leading 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles and a revolutionary user experience designed to create a mobile, connected, and luxurious third Internet living space. FF 91 is targeted to launch within twelve months after closing of the merger.
Earlier this week, Faraday Future’s Global Chief Executive Officer, Dr. Carsten Breitfeld said: “We are excited to enter into this partnership with PSAC. This is an important milestone in our company’s transformation, one that we achieved with strong commitment from our employees, suppliers, and partners in the U.S. and China, as well as the city of Hanford, California. I am excited that this business combination will allow us to launch the class defining FF 91, building upon the founder’s original vision to help our users and shareholders take part in shaping the future of mobility.”
The transaction is expected to fully fund the production of class defining ultimate-performance luxury electric FF 91 within 12 months of transaction close. It will also supports the future development of the company’s unique I.A.I system (Internet, Autonomous Driving, Intelligence).
Keyword: Faraday Future And China’s Geely Holding Group Sign Cooperation Agreement; Geely Takes Stake