Geely says to make EVs for Faraday Future with Foxconn

2 minute read
Register now for FREE unlimited access to Reuters.com

SHANGHAI/TAIPEI, Jan 29 (Reuters) - China's Zhejiang Geely Holding Group (GEELY.UL) said on Friday it and Foxconn (2317.TW) are in talks to provide contract manufacturing services to electric vehicle maker Faraday Future.

Geely said in a statement that it had signed a framework agreement to offer technology and engineering support to Faraday Future, and had become a minority investor in Faraday Future's listing.

Foxconn declined to comment on the manufacturing partnership.

Register now for FREE unlimited access to Reuters.com

Reuters reported on Monday that Faraday Future plans to set up a new base in China and enlist Geely for contract manufacturing services, citing people familiar with the matter.

Faraday Future will go public through a merger with Property Solutions Acquisition Corp (PSAC.O) in a deal valuing the combined entity at $3.4 billion.

With the global EV business, dominated by the likes of Tesla Inc (TSLA.O), growing at an explosive pace, a flurry of EV makers are rushing to tap the red-hot initial public offering (IPO) market.

Register now for FREE unlimited access to Reuters.com
Reporting by Yilei Sun and Ben Blanchard Editing by Robert Birsel

Our Standards: The Thomson Reuters Trust Principles.