Shortly after it was announced that Faraday Future will be listed on the Nasdaq, it has been revealed that Geely and Foxconn are in talks to provide contract manufacturing services to the electric automaker.
In a statement issued late last week, Geely announced that it had signed a framework agreement to offer technology and engineering support to Faraday Future while also becoming a minority investor in the company’s public listing.
Read Also: Floundering Faraday Future Is Going Public, Looks To Cash In On The EV Investment Craze
While Foxconn has declined to comment on its role with Faraday Future, Reuters understands that Faraday Future will look to set up a new base in China and enlist Geely to build its electric vehicles for the local market. The company intends on commencing U.S. deliveries of the FF 91 approximately 12 months after its public listing.
Faraday Future is looking to cash in on the ongoing electric vehicle investment craze and will be taken public via a special purpose acquisition company, Property Solutions Acquisition Corp, in a deal that will value the combined entity at $3.4 billion. The listing is expected to generate proceeds of $1 billion, which will be used to bring the FF 91, that was first unveiled as a concept in early 2017, into production.
In addition to developing the high-end, luxurious FF 91, Faraday Future is working on a smaller, more accessible model dubbed the FF 81. This is being billed as a “premium mass market vehicle” and is expected to be launched in 2023. Faraday Future is also planning a model dubbed the FF 71 and a Smart Last Mile Delivery vehicle.
