Geely, Faraday Future cooperate in technology, engineering

Beijing (Gasgoo)- Zhejiang Geely Holding Group (Geely Holding) and Faraday Future (FF)  have signed a framework cooperation agreement, two companies announced today. Both companies will have cooperation in technology and engineering support and will explore the possibility of the production service offered by the joint venture between Foxconn and Geely.

What’s more, Geely Holding has also signed a subscription agreement to become a minority investor in FF’s listing.

Photo credit: Geely

On January 28, FF said it has entered into a definitive agreement with Property Solutions Acquisition Corp. (“PSAC”), a special purpose acquisition company (“SPAC”), for a business combination. And the combined company will be listed on the Nasdaq Stock Market under the ticker symbol “FFIE”.

The common stock PIPE includes over 30 leading long-term institutional shareholders from the U.S., Europe, and China. Anchor investors in the PIPE include a Top 3 Chinese OEM and long-only institutional shareholders. The transaction will provide $1.0 billion of gross proceeds to the new company, to fund the mass production and delivery of the FF 91, which is targeted to launch within twelve months after closing of the merger.

According to the shared intelligent mobility ecosystem company, the product definition of the second model FF 81 has been completed, and the R&D work is progressing.