AutoBeta(AutoBeta.net)04/30 Report--

Today, Faraday Future announced that it had received $225 million in debt and trust financing led by Birch Lake, a US commercial bank, and FF and its independent valuation advisers determined that FF's technology was worth $1.25 billion, including the overall value of intellectual property. FF said that testing of the pre-production car was ongoing and that the engineering team had made steady progress to finalize the delivery of the FF 91.

FF said that with the support of Birch Lake, FF has established a multi-channel financing plan and expects to complete the equity financing plan in the early third quarter of this year. The $225 million financing raised by FF includes $150 million in supplier trusts. Jack Butler, CEO of Birch Lake, said: "FF's technology, product strategy and firm commitment to the FF 91 production release are very admirable."

FF says its technology is worth up to $1.25 billion, including the overall value of intellectual property. In addition, FF announced a personnel appointment, with former GM employee Waqar Hashim serving as VLE and Vice President of vehicle Engineering, responsible for engineering, design, manufacturing and budget target management of vehicle projects.

FF said that testing of the pre-production car was ongoing and that the engineering team had made steady progress to finalize the delivery of the FF 91. More and more pre-production cars are undergoing cloud connectivity, software applications, and other verification tests. Now, FF's first flagship product, the 1050 horsepower FF 91, has made steady progress in product development and has fully entered the final preparations before mass production.

After "separation" with Xu Jiayin, FF successfully joined hands with the Internet company Ninth City. The two sides signed an agreement on March 25 to jointly set up a joint venture to manufacture, market and operate electric vehicles in China. In the future, the ninth city and Faraday will each hold 50% of the shares of the joint venture company, and the ninth city will have control over the operation of the joint venture company, with a maximum injection of US $600 million and phased injection; Faraday will provide exclusive manufacturing licenses for technology and models in the future. marketing, sales, etc. The joint venture expects to produce 300000 smart electric vehicles a year in China, and plans to take off the production line and scheduled sales by 2020.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat