A recently, Bao Car Studio learned from the Faraday Future (FF) official channel, US Eastern China Time January 28th, headquartered in California’s global sharing intelligent travel ecosystem company FARADAY FUTURE (FF) And Special Purpose Acquisition Company (SPAC) Property Solutions Acquisition Corp. (NASDAQ Transaction Code: PSAC) announced that both parties have reached the final agreement on business merge. After the merger is completed, it will be listed in the Nasdaq Securities Trading Market, and the stock code is “FRADAY FUTURE Intelligent EcoSystem).
According to official disclosure, ordinary stocks include more than 30 long-term institutions from the United States, Europe and China. PIPE cornerstone investors include large-scale financial institutions from the United States and Europe, the top three private car mainstries and China’s first-tier cities. This merging transaction provides approximately $ 1 billion in funds, including PSAC $ 23 billion in cash in trust (assuming non-redemption conditions), and excess subscription with $ 10.00 per share [7.75 Billion dollars] Completely promised ordinary PIPE, providing sufficient financial support for the large-scale mass production and delivery of FF 91.
According to the current estimation, the PIPE subscription price is 10.00 US dollars, which shows the implicit equity value of the company after the consolidation of $ 3.4 billion. The transaction has been supported by the main suppliers, and many suppliers will become shareholders. After the transaction is completed, assuming that the PSAC shareholder has no redemption, the merged company will receive up to $ 1 billion in cash. Board of Directors of FF and PSACs agree to the proposed business merge, and the merger will be completed in the second quarter of 2021. SPAC sponsor Riverside Management Group (RMG) is a PSAC’s financial partner and consultant. After the transaction is completed, PSAC’s Jordan Vogel and RMG’s PhilipKassin will be in the FF board.
FF will be produced in China
According to FF officially founded, a partner of a private car main plant and key cities in China will assist FF Quickly realize landing, FF or will become the second American intelligent Internet electric vehicle enterprises introduced in China after China. It is reported that this company is in the FF 91 and subsequent production models, as well as the I.a.i system equipped.
It is reported that FF’s first product FF 91 has 1050 horsepower, with a hundred kilometers acceleration no more than 2.4 seconds. It is worthy of the industry with the largest 60 degrees of zero-grade seat and multi-screen full-digital smart cockpit experience. The FF 91 plans to launch in the China-US market for about 12 months after the completion of completion.
FF has been obtained by more than $ 2 billion in investment since its establishment. In addition to the research and development of the first model FF 91, the product definition of the second model FF 81 has been completed, and the research and development work is also advancing. According to its planning, the FF’s B2C passenger plan will include FF 91 series, FF 81 series and FF 71 series. FF 81 is expected to be available in 2023, and FF 71 is expected to be listed in 2024. In addition to the passenger car, FF also plans to introduce “the last mile smart transport vehicle” (SLMD) using its proprietary VPA platform technology in 2023.
Throughout the technical highlight of the FF, it can be summarized as the following: variable electric drive chassis architecture (VPA), three power systems, and I.A.i system technology. It has about 900 applications or authorized patent protection within a global scale. The FF proprietary VPA platform is a slide-based, modular smart vehicle development platform that can be dimensioned according to different motors and power system configurations. This flexible modular design supports a range of passenger and commercial vehicles, which is conducive to rapid development of a variety of automotive projects to reduce cost and listing time. I.a.i. System technology provides high performance for vehiclesOpen ecosystems that can be calculated, high-speed internet connection, over-the-air update, integrated third-party applications.
According to people in FF, the company adopts global production and manufacturing layout. Mixed manufacturing strategy of light assets, including its manufacturing facility in Hanford, California, and a South Korean partner in production and manufacturing foundry, production site is preset as a group of mountains, and is working hard The joint venture is produced in large-scale production in China’s key city.
FF expects global sales in the next five years to exceed 400,000 units, and its first model FF 91 currently has more than 14,000 orders worldwide.
About the country ranked top three private car mainframes from FF officials, there have been rumored as Geely Motors. In the morning, January 29, Geely Holdings Group issued the “Geely Holding Group and FARADAY FUTURE Signing Framework Cooperation Agreement” on official WeChat. Geely said, recently, Zhejiang Geely Holding Group Co., Ltd. and the United States share intelligent travel ecosystem company FARADAY FUTURE Sign Framework Agreement, and the two parties plans to cooperate in technical support and engineering services, and explore the joint ventures from Geely and Foxconn. The possibility of service. At the same time, as a financial investor, Geely Holdings Group also participated in a small amount of investment in the FARADAY FUTURE SPAC.
According to it, the first-tier city will provide 330 acres of land for the business development of joint venture, and Geely Group will provide production and sales. Fara Lan will provide brand and IP authorization.
Compensation with recent reports, Law Automobile (Zhuhai) Co., Ltd. has been established in Zhuhai, which is very likely to be Zhuhai. It is estimated that by 2025, the production base has increased to 100,000-250,000, and 150,000 production in 2026. 