Faraday Future signs $600 million agreement with Chinese game company The9

Faraday Future

The9, a Chinese online game company, has signed a joint venture agreement with California EV startup Faraday Future to manufacture and sell the company’s EVs in China.

The immediate goal of the agreement is to manufacture and sell Faraday Future’s V9 model, a luxury vehicle to be based on Faraday’s first production vehicle.

Under the agreement, The9 will provide $600 million of funding in three equal installments. Faraday will provide use rights to its land in China for manufacturing, and will grant The9 an exclusive license to manufacture, market, distribute and sell the V9 and potentially other models in China.

The9 and Faraday will each have 50% ownership of the venture, and The9 will control the business operations.

Faraday Future CEO YT Jia commented, “This is only the beginning of a series of strategic actions for Faraday, all designed to support the completion and launch of its ‘new species’ FF 91 EV in 2019, and continue development of the mass-market premium model FF 81 in both China and the United States.”

 

Source: The9