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The Chinese automaker GEELY is intended to be a media reports an anchor investor at Faraday’s futures plan to go to the stock market via Reverse merger, as the news agency Reuters reported on two persons familiar with the matter. For this special transaction, the electric car start-up merges with an already listed sheath company, refers to Spac, for Special Purchase Acquisition Company. Faraday Future himself did not named Geely as an investor, but merely referred to having one of the “top-3-OEM from China” for the project.
The deal, which is already completed according to Faraday Future, would rate the e-auto-start-up of its own statement with around 3.4 billion US dollars, translated more than 2.8 billion euros. Faraday Futures Spac are the company to the Property Solutions Acquisition Corp. (PSAC), which will contribute more than $ 400 million (330 million euros) to equity to the support of the IPO. The combined company is listed under the score symbol “FFE” at the Nasdaq Stock Exchange in the USA. Geely in turn is said to make Reuters $ 775 million (640 million euros) for the planned IPO.
Production of the FF91 should start within twelve months
From the IPO, Faraday Future hopes for gross proceeds of a billion dollar (about 830 million euros), which should flow into the production preparations of the first Faraday production model FF 91. With the market launch of its luxury electric car FF 91, the US start-up continues to wait. Originally Faraday Future had planned the market launch for 2019. The FF 91 should now be launched within twelve months after the conclusion of the merger.
Faraday Future Plan also to build a new plant in China and win Geely as a partner for contract manufacturing, sources Reuters shared on Monday. Faraday also speaks in his communication from having already made a strategic agreement with an “important Chinese city” for a new work. It would be Faraday‘s second production facility: The company has already built a plant in California. For the plant in China, initially an annual production capacity of 100.000 vehicles provided. In addition, Faraday Future should plan a research center at his China site.
“We are pleased to take this partnership with PSAC. This is an important milestone in the transformation of our company, which we have achieved with strong commitment of our employees, suppliers and partners in the US and China as well as in the city of Hanford, California,.”- DR. Carsten Breitfeld, Global Ceovon Faraday Future
“Faraday Future is a unique and differentiated electric car company with significant growth prospects for the future,” commented on Jordan Vogel, Co-CEO and Chairman by Property Solutions Deal. He faith “to the excellent management team under the direction of Dr. Breitfeld and the industry-leading technology “. With the help of the merger, Faraday Future can now “reach its true growth potential”.
FF has already established a strong portfolio of disruptive technologies that are protected by nearly 900 registered or granted patents for its variable Platform Architecture (VPA), its drive system and its artificial intelligence technologies worldwide. According to a Patentolph Square IP report, a patent data analysis company, the patent portfolio of FF exceeds the established OEM by far – the VPA is a modular, skateboard-like platform that can be designed for various engine and drive train configurations. This flexible modular design enables a number of consumer and commercial vehicles and the rapid development of multiple vehicle programs to reduce costs as well as market launch times.
Two more models already in planning
Faraday Future also gave another outlook on the planned vehicle portfolio: The luxury Stromer FF91 will follow two more affordable models for the premium mass market. The FF81 in 2023 and the FF71 one year later. In the coming five years Faraday wants more than 400 a total of.000 electric cars produce and deliver. In addition to the three car models, FF plans to introduce a Smart Last Mile Delivery, based on its VPA architecture in 2023. In addition to an already fixed partnership with a contract manufacturer in South Korea, Faraday also examines the possibility of additional production capacities in China through a joint venture.
According to Reuters, the relevant involvement of a Chinese company at the Start-up from the USA could be a formerly political test for the new US President Government Joe Biden, as in Washington increases the impact of China’s technological ascent on national security.
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