On January 28th, American electric car maker Faraday Future Future ("FF") announced that it would buy Property Solutions Acquisition Corp, a special purpose acquisition company (SPAC). (hereinafter referred to as "PSAC") reached a final agreement on the business merger.Upon completion of the merger, it will be listed on the Nasdaq Stock Exchange under the symbol "FFIE".

FF plans to go public through a backdoor listing, with a combined company worth $3.4 billion

The merger will provide Faraday with approximately $1 billion in future funding, including $230 million in cash held in trust by PSAC and $775 million in fully committed common stock PIPE, which is oversubscribed at $10 per share. The common stock PIPE includes more than 30 long-term institutional shareholders from the United States, Europe and China. PIPE cornerstone investors include China's top three private car mainframe factories and long-term institutional investment shareholders.

Based on current estimates, the combined company is worth $3.4 billion at a subscription price of $10 per PIPE share. The merger is expected to close in the second quarter of 2021.

After the announcement, Faraday held a conference call in the future and released an investor introduction report. Jordan Vogel, chairman and co-founder of PSAC, and Carsten Breitfeld, Faraday's future chief executive, answered investor questions.Jordan Vogg said that after looking at 65 M & A targets, FF is by far the most competitive.He also highlighted the 20 years of industry experience of FF's current CEO, Bi Fukang, in well-known auto companies such as BMW, and stressed that FF had invested $2 billion in car construction in the past four years.

Bifukang proposed that FF will adopt a hybrid manufacturing strategy of global manufacturing and light assets, and the main production site will be a manufacturing plant in Hanford, California. In addition, it also includes the mountains of South Korea and China. But he did not specify which city in China.

Jia Yueting, the future founder of Faraday, who attracted the attention of Chinese investors, did not show up at the meeting. According to the materials released by the company, Jia Yueting's current position is only chief product and user ecology officer.(Chief Product & User EcosystemOfficer) In addition, Faraday's current shareholding structure in the future has not been made public, and Jia Yueting's current shareholding ratio in the company can not be determined until the company submits the relevant forms to the SEC SEC.

The new car starts in 650000, and the headquarters in China may be in Zhuhai.

In the documents released by Faraday in the future, the main information about the company's models was disclosed.

At present, Faraday has three models in the future, including the FF91,FF81 and the FF71. Mass production models can be put on the market 12 months after the listing of the company. The FF91, which is closest to mass production, is expected to be delivered in the first and fourth quarters of 2022, starting at $100000 (about 650000 yuan) and up to $180000. Lower-level FF81 and FF71 will be delivered in 2023 and 2024.

Parameters of the FF 91 have also been made public, including the NEDC's 700km range, 130kWh battery, three high-performance motors, 1050 horsepower, and an acceleration of 2.4s from 0 to 100km.

In terms of manufacturing, Faraday's future US plant is located in Hanford, California, with an estimated annual production capacity of 10, 000 units. In addition, contract production will be carried out in Gunsan, South Korea, with an estimated annual production of 270000 vehicles.

In China, Faraday will cooperate with Geely Group and a domestic first-tier city in the future, and set up a China regional headquarters in that city. The first-tier city will provide 330 acres of land for the joint venture's business development, Geely will provide production and sales, and Faraday will provide brand and IP licenses in the future. Combined with recent Chinese media reports, and French Automobile (Zhuhai) Co., Ltd. has been set up in Zhuhai, the city is most likely Zhuhai. Production at the production base is expected to increase to 100000-250000 vehicles by 2025, with an additional 150000 vehicles in 2026.