Chinese automaker Geely Holding Group and US electric vehicle company Faraday Future (FF) announced on January 29 their plans to cooperate in the areas of technical support and engineering services and to explore the possibility of providing OEM services to FF by the joint venture of Geely and Foxconn.
As a financial investor, Geely also participated in a small investment in the FF SPAC IPO.
On Wednesday, FF and special purpose acquisition company (SPAC) Property Solutions Acquisition Corp (PSAC) announced a definitive agreement to merge their businesses, and the combined entity will be listed on Nasdaq under the symbol "FFIE" (Faraday Future Intelligent Ecosystem).
Previously, it was reported that Zhuhai-based Gree Group and Huafa Group would participate in FF's latest round of financing, investing up to RMB 2 billion ($310 million).
On January 13, Geely and Foxconn announced a joint venture to provide OEM manufacturing and custom consulting services to global automotive and mobility companies.
Foxconn and Geely each hold a 50% stake in the company, and the joint venture's board of directors is comprised of five directors. Foxconn appoints three directors, Geely Holdings appoints two directors, and the chairman is appointed by Foxconn.
Earlier this month, Foxconn sources quoted by Tencent News said that Jack Cheng, former co-founder and executive vice president of Nio, has joined Foxconn and has been named chief executive officer of the electric vehicle platform.
Cheng, 62, worked at Ford from 1981 to 2006 and was vice president of procurement for Ford China.
Foxconn reportedly appoints former Nio co-founder as CEO of its electric vehicle joint venture
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