Faraday Future creates joint venture with The9
For the stumbling electric car startup Faraday Future, the journey may continue after all. The Californians have announced the formation of a 50:50 joint venture with the Chinese online game operator The9.
The latter allegedly wants to invest up to 600 million dollars to enable production and distribution of the V9 model based on Faraday’s FF 91 electric SUV in China. The joint venture’s expected annual production capacity is 300,000 cars. The first pre-series model is expected to roll off the production line as early as 2020.
In addition, the new joint venture is also expected to help bring the FF 91 into production in the USA this year. Since the production of the first pre-series model in August last year, all has been quiet about the electric SUV due to the startup’s recurring financial difficulties. With an initial payment of five million dollars from The9, the sum should satiate short-term cash flow difficulties at Faraday Future.
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