Geely FF signs a framework cooperation agreement or cooperates with Foxconn OEM
On January 29, Geely Holding Group announced that Zhejiang Geely Holding Group Co., Ltd. and FF recently signed a framework cooperation agreement. The two sides plan to cooperate in the fields of technical support and engineering services, and discuss a joint venture between Geely and Foxconn. The company provides the possibility of foundry services. At the same time, as a financial investor, Geely Holding Group also participated in a small amount of investment in the listing of FF SPAC.
FF91, picture source: FF
About half a month ago, Geely and Foxconn jointly announced that the two parties would establish a joint venture company to provide global automotive and travel companies with OEM production and customized consulting services, including but not limited to automotive vehicles or parts, smart Control systems, automotive ecosystems, and the entire industrial chain of electric vehicles, etc. Since then, many people in the industry have speculated about who will be the 'first company to eat crabs'. From now on, it is likely to be FF.
The news that FF will be listed through the merger with SPAC has actually been reported two days ago. Not only that, but also insiders revealed that Geely will use private equity to invest in the shares of listed companies (PIPE). In the form of “backdoor listing” for FF, it provided US$775 million in financing. On the evening of January 28, FF officially confirmed the news. According to official disclosures, FF has reached a final agreement with the SPAC company Property Solutions Acquisition Corp. ('PSAC') (NASDAQ trading code: PSAC) on a business merger. After the merger is completed, FF will be listed on the Nasdaq Stock Exchange. The code is 'FFIE' (Faraday Future Intelligent Ecosystem). Currently, the boards of FF and PSAC have unanimously approved the proposed business combination, which is expected to be completed in the second quarter of 2021.
At the same time, the news also pointed out that FF's first model, the FF 91, is planned to be launched in the Chinese and American markets about twelve months after the merger is completed. The car has now received orders for more than 14,000 vehicles worldwide. In addition to FF91, for the B2C passenger car market, FF has also planned a number of models such as the FF 81 series and the FF 71 series. The product definition work of FF 81 has been completed, and the research and development work is actively advancing. It is expected to be in volume in 2023. The FF71 is expected to be launched in mass production in 2024. In addition, FF also plans to use its proprietary VPA platform technology to launch the 'Last Mile Smart Transport Vehicle' (SLMD) in 2023.
FF predicts that global sales will exceed 400,000 vehicles in the next five years.
