Jiucheng and Faraday Future signed a joint venture agreement to invest US$600 million

On the morning of March 25, Internet company The9 confirmed today that it has signed an agreement with Faraday Future, headquartered in California, through its subsidiary, to jointly establish a joint venture to manufacture, market and operate electric vehicles in China. The9 said that the primary goal of the joint venture is to exclusively produce and sell Faraday Future's new brand V9 model, a model for the Chinese consumer market based on the technology and design concept of FF 91, and other agreed models in China.

According to the terms of the joint venture agreement, The9 will invest up to $600 million in the joint venture in three equal installments, and Faraday Future will provide the joint venture with relevant property rights and resources, including land use rights in China as a production base, and will grant the joint venture exclusive production, marketing and sales rights in China for Faraday Future's new brand V9 model and other designated models. Both parties will inject funds and property resources after the relevant conditions are met.

The Nine Cities and Faraday Future each hold 50% of the shares of the joint venture, and The Nine Cities will have control over the business operations of the joint venture. Faraday Future, The Nine Cities and the joint venture will negotiate within an agreed time after the signing of the joint venture agreement to reach a licensing agreement. According to the licensing agreement, Faraday Future will grant the joint venture an exclusive license to manufacture, market, distribute and sell Faraday Future's V9 new brand model and other agreed models in China.

“We are very pleased to see that The9, which has more than a decade of Internet experience, has turned this cooperation opportunity to a high-tech travel ecosystem company and cooperated with FF to bring high-quality luxury electric vehicles to Chinese consumers,” said Zhu Jun, Chairman and CEO of The9. “FF has leading product technology and strategy worldwide. Relying on FF’s world-class top talents and global core team, we believe that The9’s alliance with FF provides us with an excellent opportunity to succeed in China’s rapidly growing electric vehicle market. We look forward to establishing a long-term and successful cooperative relationship with FF, and The9 will also take a solid step in its transformation into a high-tech diversified company.”

"As an ultra-luxury Internet travel ecological brand originating from California, the United States, FF has applied for more than 2,000 Internet smart electric vehicle patents in China and the United States, and has been granted hundreds of patents. At the same time, we are also committed to achieving steady implementation and development in the Chinese market. Through the establishment of the joint venture, we will be able to further promote the implementation of the dual-brand dual-home strategy in China and the United States, and realize the landing of our luxury electric vehicle brand in China." FF founder and CEO Jia Yueting expressed his great expectation for the cooperation between the two parties.

Jia Yueting also expressed his gratitude to The9 for its high recognition of FF's product technology and team. He believed that FF's strategic vision, product technology layout and concept would be perfectly integrated with The9's Internet and user operation genes, enabling the smooth launch of FF's flagship products in China and jointly promoting the growth and development of the smart Internet electric vehicle market.

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.