On Friday (29th), Lu Media reported that Geely Holding Group said it has signed a framework cooperation agreement with Faraday Future. The two parties plan to cooperate in the field of technical support and engineering services, and study the provision of agency services by the joint venture between Geely and Foxconn. The possibility of labor service.
Geely Group stated that as a financial investor in Faraday Future, Geely Holding Group also participated in a small amount of investment in the listing of Faraday Future SPAC.
On Thursday (28th) Faraday Future has announced a merger agreement with PSAC, a special purpose acquisition company, and will go public on the Nasdaq after the transaction is completed.
According to the announcement, the board of directors of both parties unanimously approved the merger transaction, which is expected to be completed in the second quarter of 2021, and PSAC shareholders’ approval is required before that.
The combined company value is 3.4 billionUSD.This transaction will bring about 1 billion yuan to the combined companyUSDFunds, including 230 million held by PSAC in trustUSDCash, and with 10 per share USDThe price has oversubscribed funds from private equity investment in listed company shares (PIPE) to support the mass production of Faraday Future’s first flagship model FF91.
On the other hand, on January 13, Geely Holding Group announced the signing of a strategic cooperation agreement with Foxconn. The two parties will establish a joint venture company to provide OEM production and customized consulting services for global automobile and travel companies. The content of the agreement, the joint venture company each hold 50% of the shares.
In addition, the main business of the joint venture established by Geely Holdings and Foxconn includes, but is not limited to, automotive vehicles or components, smart control systems, automotive ecosystems, and the entire industry chain manufacturing process of electric vehicles.
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