EV Industry

China's state-owned electric utility State Grid plans to invest an average of more than US$70 billion annually over the next five years to upgrade its power grid to the energy Internet.

US-based electric car company Faraday Future (FF) will receive $1 billion in funding through a US IPO, half of which comes from Chinese investors.

The Lynk ZERO Concept offers both single and dual motor drive options, with a 0-100km acceleration time of less than 4s and an NEDC range of over 700km.

As a financial investor, Geely also participated in a small investment in the FF SPAC IPO.

US-based EV maker Faraday Future (FF) has raised a total of 8 public financing rounds since its inception, totaling 30.96 billion yuan ($4.8 billion), second only to its Chinese peer Nio, according to data provider Qichacha.

At a subscription price of $10.00 per PIPE share, the transaction indicates an implied equity value of $3.4 billion for the combined company.

Faraday Future (FF) expects to sell more than 400,000 units over the next five years and has received more than 14,000 orders for its first flagship model, FF 91, the company said today.

Chinese automaker Geely will act as an anchor investor, with the deal valuing Faraday Future at about $2.7 billion.

China's Ministry of Industry and Information Technology (MIIT) has urged vehicle and battery manufacturers to research to improve the driving performance of electric vehicles in cold weather in order to improve user experience.

Chinese state-owned capital from the city of Zhuhai has invested RMB 2 billion($300 million) in Faraday Future's (FF) latest funding round, Sina Tech reported Wednesday, adding that the investors could also bring policy support to the company.