AutoBeta(AutoBeta.net)03/26 Report--

Zhu Jun, the ninth city, has officially teamed up with Jia Yueting, and the two sides have confirmed the formation of a joint venture company. The ninth city plans to inject up to 600 million US dollars (about 4 billion yuan).

The details of the joint venture between Jiucheng and Jia Yueting's FF have been exposed. The joint venture company will build, market and operate electric vehicles in China. The board of directors of the joint venture company between Nine cities and FF is composed of five directors, of which Nine cities can nominate three directors and the other two directors belong to FF. The board of directors appointed by both sides can only be made by both parties. Although there are more seats in Nine cities, the nomination of the chairman of the board belongs to FF.

Of the US $600m invested by Nine cities in FF, the first US $200m will be paid within two months after the date of the agreement, provided that the joint venture company is established in Hong Kong, China. At the same time, FF needs to find a land asset, and after the first payment is fully received, FF needs to transfer the rights to the land asset to the joint venture company.

The second payment of US $200 million will be made on the condition that the local government provide financial support to the joint venture company with the right to use the local land, which should be within four and a half months after the completion of the first payment.

The final $200m will require FF's V9 design concept to be completed no later than three months after the second payment, although FF can also choose to extend it by three months.

In addition, the document shows that the board of directors of the joint venture company between Nine cities and FF is composed of five directors, of which Nine cities can nominate three directors and the other two belong to FF. The adjustment of directors appointed by both parties can only be made by both parties. Although there are more seats in Nine cities, the nomination right of the chairman belongs to FF. The future signatory of Faraday is Jiawei Wang (Wang Jiawei), the post is President (President), and the signatory of Nine cities is George Lai, which is the director and chief financial officer of Nine cities.

In addition, FF will inject technology and property resources into the joint venture, including land use rights in China as a production base, and will grant the joint venture exclusive production, marketing and sales rights in China, including FF V9 models and other designated models. According to thepaper.cn, the production base of the joint venture is mainly Letv Motor, which spent more than 400 million yuan to acquire industrial land twice at Mogan Mountain in Deqing, Zhejiang Province. The land will be injected into the joint venture between FF and Nine cities.

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