Faraday Future, a California-based electric vehicle (EV) start-up, said it plans to list on the US Nasdaq stock market later this year, according to media reports.
An IPO and listing is set to take place after the company completes its merger with Property Solutions Acquisition Corporation which is expected at the end of the second quarter of 2021.
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The proposed merger values the company at US$3.4bn and the subsequent IPO is expected to generate gross proceeds of US$1bn which will be invested to launch production of the company's first model, the FF91 crossover EV.
Faraday Future has a manufacturing plant in Hanford, California, and the company has also been in talks with potential contract manufacturing partners in Asia.
Chinese privately owned automaker Geely Holding has invested in a minority stake in Faraday Future, after the two sides agreed to cooperate in technology development. They also agreed to also explore opportunities to jointly produce vehicles using the outsourcing services that will become available as a result of the recently announced Geely-Foxconn joint venture.
Faraday Future's key early stage investors are understood to include the investment arm of Zhuhai, a city in China's Guangdong province.
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By GlobalDataThe FF91, a high performance car said to be accelerate from 0-100km/h in 2.4 seconds, is expected to go into production in the second half of 2022.
The company also plans to launch production of two additional models by 2024 and has set a cumulative sales target of 400,000 units for its first five years.
