Geely and Faraday Future finally announced their cooperation, and may become FF's OEM and participate in IPO investment

After a period of rumors, the cooperation between Geely and Faraday Future (FF) was finally officially announced. On January 29, Geely Holding Group issued an announcement, publicizing the framework cooperation agreement signed with FF. The two parties plan to cooperate in the fields of technical support and engineering services. The joint venture between Geely and Foxconn may provide OEM services for FF. At the same time, Geely Holding Group will also participate in the investment in FF SPAC listing.

FF is a smart car company founded by Jia Yueting in the United States. On January 28, local time in the United States, FF has submitted an IPO application to the U.S. Securities and Exchange Commission. It will be listed through a merger with a special purpose acquisition company (SPAC). After the merger, the company will be listed on Nasdaq.

The transaction is supported by $775 million in private investment and is expected to bring in more than $1 billion in investment from more than 30 long-term institutional shareholders and investors from Europe, the United States and China.

Earlier media reports said that Zhuhai's state-owned assets will invest 2 billion yuan in FF, and Zhuhai's two leading state-owned enterprises, Gree and Huafa Group, will participate in this investment. In addition, Geely was also rumored to cooperate with FF in the fields of foundry and autonomous driving, but Geely has not responded to this before.

Capture, the prospectus submitted by FF to the US Securities and Exchange Commission shows that it will establish a joint venture with Geely Holding and a first-tier city in China, and will also receive subsidies from the local government.

FF said yesterday that global PIPE investors and partners will fully support the mass production of FF91 and the development and delivery of subsequent models. It is expected that sales will reach 400,000 units in the next five years, of which the first model FF 91 has received 14,000 orders.

FF also said that in the future, its B2C passenger cars will also launch the FF 81 and FF 71 series, which are expected to be mass-produced and launched in 2023 and 2024 respectively. In addition to passenger cars, FF also plans to launch the "last mile smart transport vehicle" based on its VPA proprietary platform in 2023.

It is reported that FF adopts a light-asset hybrid manufacturing strategy and will carry out production and manufacturing layout around the world, including a manufacturing plant in Hanford, California, and OEM cooperation with Korean partners. At the same time, FF is seeking to carry out OEM production in China through a joint venture.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.