Faraday Future, a global shared intelligent mobility ecosystem company and China’s largest privately owned automotive group, Zhejiang Geely Holding Group, have jointly signed a framework cooperation agreement. The two automakers will cooperate in technology and engineering support, and will explore the possibility of using OEM production services provided by the joint venture between Foxconn and Geely.
On January 13 this year, Geely and electronics giant Foxconn signed a strategic cooperative agreement to set up a joint venture company to provide OEM production and comprehensive customised consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms nd electric vehicle industry value chain to global automotive enterprises. The JV plans to “revolutionise the automotive industry model by introducing the Information and Communication Technology (ICT) division of labour to help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies.”
Meanwhile, Geely Holding Group has also signed a subscription agreement to become a minority investor in Faraday Future in connection with the previously announced business combination between Faraday Future and Property Solutions Acquisition Corp, which remains subject to customary terms and conditions including the consummation of such business combination.
Established in May 2014, electric car start-up Faraday Future is headquartered in Los Angeles, California. FF's vision is to create a shared intelligent mobility ecosystem that “empowers everyone to move, connect, breathe, and live freely”. Once celebrated as Tesla’s greatest nightmare, Faraday Future spiralled into dire financial straits and nearly didn’t emerge. At CES 2020, Faraday Future showcased its FF91, its first production model.