Geely says to make EVs for Faraday Future with Foxconn

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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.

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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.

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Reporting by Yilei Sun and Ben Blanchard Editing by Robert Birsel

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