Failed billionaire Jia Yueting’s electric car dream rekindled as Geely and other investors come to the rescue of Faraday Future

Some 30 institutional investors from China, US and Europe are investing US$1 billion in Faraday Future founded by failed Chinese tycoon Jia Yueting

Faraday Future and Property Solutions Acquisition Corp, a special purpose acquisition company, will merge and fund the production of the FF91 electric car

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Journalists gather around a Faraday Future FF 91 electric car during an unveiling event at CES in Las Vegas, Nevada, on January 3, 2017. Photo: Reuters

Published: 8:45pm, 28 Jan 2021Updated: 10:59pm, 28 Jan 2021

Leading Chinese carmaker Geely and a clutch of state-owned companies from Zhuhai have joined hands to bail out embattled electric vehicle maker Faraday Future (FF), founded by failed Chinese tycoon Jia Yueting.

Some 30 institutional investors from China, US and Europe and a trust are investing US$1 billion in the carmaker, following which FF will be valued at about US$3.4 billion and become a public company.

FF and Property Solutions Acquisition Corp (PSAC), a special purpose acquisition company or SPAC, announced on Thursday that they would merge into one entity in a deal that will fund the production of FF91, a luxury electric car FF unveiled in 2017.

The two companies did not reveal the names of the investors, but Zhejiang Geely Holding Group controlled by Chinese billionaire Li Shufu is among the anchor investors in the so-called PIPE (private investment in public equity), sources with knowledge of the deal said.

Geely, controlled by Chinese billionaire Li Shufu, is among the anchor investors in Faraday Future. Photo: Reuters

Hangzhou-based Geely did not respond to queries on Thursday.

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