FF Signs Joint Venture Agreement With the9 Limited

Faraday Future , the California-based global shared intelligent mobility company (“FF”), announced that it has signed a joint venture agreement with The9 Limited, a China-based internet company, to manufacture, market, distribute, and sell luxury intelligent electric vehicles in China. As part of the joint venture, The9 will be a 50% partner by making capital contributions of up to $600m, which will help FF overcome its short-term cash flow difficulties and support its ongoing equity financing efforts.

“We are very pleased to see The9, an Internet company with more than a decade of industry experience, to partner with FF, a high-tech internet mobility company, to bring high-quality luxury electric vehicles to the Chinese marketplace. FF has the industry leading product technology and strategies, and a team of world-class top talents and resources. Leveraging the technology capabilities of FF, we believe our alliance with FF provides us with a great opportunity to pursue the fast-growing market of electric vehicles in China. We look forward to a long and successful relationship with FF and we honor this step to diversify our business portfolio as a high-tech Internet company.” – CEO of The9, Jun Zhu.

“We are very grateful for this opportunity as it shows the recognition of FF’s product technology from the9. I believe that FF’s strategic vision and product concept will be perfectly integrated with the Internet and user operation genes of the9 to realize the smooth operation of FF flagship products in China. As a California-based ultra-luxury intelligent mobility brand, FF has hundreds of proprietary patents, along with more than 1,000 industry patents currently in process, in both China and the United States. We are committed to be part of the future of the growing Chinese EV mobility market. Through the establishment of the joint venture, we are able to implement our dual-home-market and dual-brand strategy and achieve our strategic goal of introducing our new luxury EV brand in China.” – Founder and CEO of FF, YT Jia.