SHANGHAI/TAIPEI — China’s Zhejiang Geely Holding Group says that it and Foxconn are in talks to provide contract manufacturing services tomaker 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.
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 in a deal valuing the combined entity at $3.4 billion.
With the globalbusiness, dominated by the likes of Inc, growing at an explosive pace, a flurry of EV makers are rushing to tap the red-hot initial public offering (IPO) market.