Electric car startup Faraday Future said on Thursday it is planning to go public on Nasdaq after its merger with Property Solutions Acquisition Corp which is scheduled to be finished in the second quarter this year.
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(Reuters) - Chinese automaker Geely will be an anchor investor in a plan by U.S. electric vehicle firm Faraday Future to go public through a merger with a blank-check acquisition company, two people familiar with the matter said.
FILE PHOTO: A building of the Geely Auto Research Institute is seen in Ningbo, Zhejiang province, China August 4, 2017. REUTERS/Aly Song
The deal, which may be announced as early as Friday in the United States, will value Faraday at around $2.7 billion, the people said.
Significant Chinese involvement could be an early policy test for U.S. President Joe Biden’s new administration, given escalating concerns in Washington over the national security implications of China’s technological ascendance.
Faraday Future moves forward with EV project, will enlist Geely s help, report says
Reuters
REUTERS
A Faraday Future FF 91 electric car arrives on stage for an exhibition of speed during an unveiling event at CES in Las Vegas on Jan. 3, 2017.
SHANGHAI Embattled startup Faraday Future will push ahead with plans to produce electric vehicles in China by opening a plant in the country and enlisting Geely to provide contract manufacturing services, sources said.
The Los Angeles startup intends to set up a new base in China as part of those plans, the three sources familiar with the matter said, declining to be named as Faraday Future s plans have not been made public.
Embattled startup Faraday Future will push ahead with plans to produce some of its fully electric vehicles in China by opening a plant in the country and enlisting China s Geely to provide. | February 6, 2021