For those who are wondering about the future of Faraday Future, well, there are a couple of updates. The company had announced in January 2021 that it’ll list on NASDAQ through a reverse merger with Property Solutions Acquisition Corp (PSAC), under the ticker symbol “FFIE”; the combined value is estimated to be approximately US$ 3.4 billion. The merger is expected to be completed in the second quarter of 2021, post PSAC shareholders and regulatory approvals.
The latest announcement from Faraday Future is that Geely Holding Group has signed a subscription agreement to become a minority investor in the former, in connection with the aforementioned merger. Also, both Geely and Faraday Future are exploring the possibility of using contract manufacturing services from the new joint venture between Foxconn and Geely.
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Foxconn and Geely had announced in January 2021 that the companies are forming a new joint venture (with equal 50% stake) to offer contract manufacturing services to global automakers. Later in February 2021, Foxconn had announced to have signed an MoU with Fisker to jointly develop a new EV, with production expected to start in Q4 2023. It is unclear whether the Ocean SUV too will be manufactured by Foxconn or Foxconn-Geely JV. A near-production version of the Ocean is expected to debut later this year.
As for Faraday Future’s FF 91, the full interior was revealed in November 2019, and at the time of publishing this story, the latest update was that the pre-production vehicles are continuing their on-road testing.
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