Published on January 29th, 2021 | by Amirul Mukminin0
Geely And Faraday Future Sign A Cooperation Agreement
Faraday Future will also go public with $1 billion in proceeds to fund the production of the FF 91
Zhejiang Geely Holding Group and Faraday Future have jointly signed a framework cooperation agreement that will see the two companies cooperating in technology and engineering support, and exploring the possibility of using OEM production services provided by Taiwanese electronic giant Foxconn and Geely.
Earlier this month, Geely Holding and Foxconn partnered up to establish a joint venture company to provide OEM and customized consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms to global automotive enterprises and ridesharing companies.
At the same time, Geely Holding has also become a minority investor in Faraday Future’s listing. The California-based EV outfit recently announced that it is going public through a merger with Property Solutions Acquisition Corp (PSAC) to help fund the production of FF 91, Faraday Future’s all-electric, Tesla-rivalling, autonomous-ready electric car that was first shown in 2017.
According to the company, the common stock PIPE (private investment in public equity) includes over 30 leading long-term institutional shareholders from the U.S., Europe, and China. The merger will provide an estimated $1 billion of gross proceeds to the combined company, which is named Faraday Future Inc., to support the scaled production and delivery of the FF 91 within 12 months of transaction close.