Faraday Future

Faraday Future entered a definitive agreement to merge with SPAC Property Solutions Acquisition Corp., providing an estimated $1 billion in gross proceeds to fund production of the FF 91 electric vehicle. The transaction is expected to close in Q2 2021.

Faraday Future and Zhejiang Geely Holding Group signed a framework cooperation agreement for technology and engineering support, and will explore OEM production services via the Foxconn-Geely joint venture. Geely also signed a subscription agreement to become a minority investor in Faraday Future.