Chinese Internet Company Extends Lifeline to Faraday Future
Faraday Future, the California-based electric car company, has recently been making the news for funding issues. They revealed some good news last month: a new joint venture with The9, a Chinese internet and gaming company. The venture could bring in up to $600 million in funding dependent on meeting conditions. The objective is to produce a Chinese version of the FF91 prototype luxury EV, called the V9.
The joint venture will see The9 manufacture, market, distribute, and sell the V9 in China. The EV will be designed and developed by Faraday Future. The venture plans to produce up to 300,000 V9s per year for the Chinese market.
The joint venture will help it get the FF91 into production in the U.S. according to Faraday. They have a factory in California, and talent from Tesla, Apple, and automakers. Recent funding disputes have seen Faraday lay off most of its staff.