On January 29th, Geely Group announced that they have signed a framework cooperation agreement with Faraday Future (FF), planning to cooperate in the fields of technical support and engineering services, and explore the possibility of providing OEM services by the joint venture between Geely and Foxconn.
On the evening of January 28th, FF held an investor conference call. According to the information provided at the meeting, FF will cooperate with Geely Group to establish a joint venture company in first-tier cities in China, set up FF China headquarters, and support FF’s production. It is expected to begin mass production in 2025 with an annual output of 100,000 to 250,000 vehicles.
(Source: Tencent)
On January 28th, according to Reuters, FF will go public through a merger with a special purpose acquisition company (SPAC). The merged company is valued at 3.4 billion U.S. dollars and will be listed on the NASDAQ under the stock code FFIE.
Today, Geely Group stated that as a financial investor, Geely also participated in a small amount of investment in FF SPAC IPO.
🔗Sources: Reuters, Geely Holding Group
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.