Geely in talk with Faraday Future for offering contract manufacturing service: sources
Shanghai (Gasgoo)- EV startup Faraday Future (FF) attempts to produce some of its all-electric vehicles in China by building a vehicle plant and is working on enlisting the help of China's Geely in contract manufacturing services, according to a media outlet, quoting three sources with knowledge of the matter.
FF91; photo credit: Faraday Future
The embattled startup told potential investors earlier this month it planned to set up in a “first-tier Chinese city” a car plant with an annual capacity of 100,000 vehicles at the initial phase, one of the sources said, adding FF was considering to open a R&D hub in the same city.
Two of the sources disclosed that Zhejiang Geely Holding Group is in talk with FF to provide contract manufacturing services for the latter’s mass-market model. Moreover, Geely will help FF with improving the model's engineering design and offer intelligent auto technologies like autonomous driving.
The plan has not been firmed up yet and is subject to change, the sources noted. Both Geely and FF declined to comment.
FF announced in 2017 it would build the FF91, its first full-electric vehicle model. Due to a number of financing issues, the production has not begun yet.
Last month, the startup set up a Zhuhai-based subsidiary which engages in the sale of new energy vehicles (NEVs) and NEV-related production & testing facilities, the software development and the manufacturing of intelligent in-car equipment, according to the corporate data platform Tianyancha.
The foundation of the Zhuhai-based company came after FF announced in mid-Oct 2020 it had completed the expansion and extension of the senior bridge financing facility put in place in 2019, which includes new senior secured financing of up to $45 million. The startup said the latest financing is made to support the completion and launch of its flagship FF 91 EV and continue development of the FF81.
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