On March 25th, FF and the ninth city jointly announced that they will jointly establish a joint venture company and reach an agreement on production, manufacturing, operation and sales to join the Chinese luxury intelligent Internet electric vehicle market. The primary goal of the joint venture company is to exclusively produce and sell the new brand V9 of Faraday Future's Internet smart luxury electric car in China. The V9 is a brand new luxury model with FF 91's most advanced platform technology and advanced Internet space concept. Other follow-on potential contract models entered the Chinese market.
The two parties agreed that Ninetowns will invest up to US$600 million in the joint venture company to meet the strategic goals set. FF will inject the relevant production base assets into the joint venture company and will grant the joint venture company exclusive production, marketing and sales of the designated models. right. The joint venture company expects annual production to reach 300,000 units, which will be realized in two phases.
Ninetowns will lead and operate the joint venture's related business in China. FF, Ninetowns and the joint venture company will negotiate at a later agreed time to reach a licensing agreement. Under the licensing agreement, FF will award the joint venture company to manufacture, market, distribute and sell the new Faraday Future's Internet Smart Luxury Electric in China. The exclusive license for the new brand V9, including the subsequent authorization of the agreed model.
“We are very pleased to see that Jiucheng, which has more than a decade of Internet background, will turn this cooperation opportunity to a high-tech travel eco-company to cooperate with FF to bring high-quality luxury electric vehicles to Chinese consumers. & rdquo; Chairman and CEO of Jiucheng Zhu Jun said, “FF has the world's leading products, technologies and strategies. Relying on FF's world-class talent and global core team, we believe that the alliance between Ninetowns and FF provides us with an excellent opportunity to succeed in China's fast-growing electric vehicle market. We look forward to establishing a long-term and successful partnership with FF, and Ninetowns will take a solid step towards the transformation of high-tech diversified companies. ”
“As a luxury online travel eco-brand from California, FF has applied for more than 2,000 patents for Internet smart electric vehicles worldwide, and has authorized more than 300 patents. Over the past five years, a team of thousands of world-class experts from a variety of industries have teamed up to create industry-leading, proven FF products and technologies. At the same time, we are also committed to the steady development and development of the Chinese market. Through the establishment of the joint venture company, we were able to further promote the implementation of the dual-home dual-home strategy of China and the United States and realize the landing of our luxury electric vehicle brand in China. ” FF founder and CEO Jia Yueting expressed his expectation for the cooperation between the two parties.
Jia Yueting said that he is very grateful to Jiucheng for his high recognition of FF product technology and team. He believes that FF's strategic vision and product technology layout and concept will be perfectly integrated with Jiucheng's Internet and user operation genes to realize FF's flagship products and brand new brands. China's smooth landing, the two sides jointly promote the growth and development of the smart Internet electric vehicle market.