Geely signs agreement to explore the possibility of producing EVs for Faraday Future via Foxconn JV
29 January 2021 5:32 pm / 2 comments
Zhejiang Geely Holding Group (ZGH) has announced that it has signed a framework cooperation agreement with electric car maker Faraday Future (FF), which will see both parties cooperate in technology and engineering support. More importantly, the tie-up will also explore the possibility of using OEM production services provided by ZGH’s joint venture company with Foxconn.
It is widely assumed that the Geely-Foxconn company will be responsible for manufacturing FF electric vehicles, namely the FF 91 for now.
Reuters previously reported that FF is looking to set up a new base in China and is enlisting Geely for contract manufacturing services. The EV maker has previously said it is adopting a global hybrid manufacturing strategy that includes its own facility in Hanford, California and a contract manufacturing partner in South Korea.
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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.
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