faraday future

Faraday Future named former Jaguar Land Rover executive Xuefeng "Chris" Chen as the chief executive of its China division as the company prepares to enter the world's largest electric vehicle market and develop its binational market strategy.

With a new Chinese investor, Faraday is focused on developing its market in China, which is over triple the size of the U.S. market, according to a 2019 report by the International Energy Agency.

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A day after luxury electric carmaker Faraday Future said it will go public, it announced a new partnership with China's largest privately-owned automotive group that could help it produce cars in China.

Gardena-based Faraday Future said Thursday it will merge with a special purpose acquisition corporation, or SPAC, Property Solutions Acquisition Corp., a deal which will value the combined company at around $3.4 billion and will raise about $1 billion, the company said in its announcement.

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