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China's Geely to help bankroll Faraday Future SPAC deal: sources

3 Min Read
(Reuters) - Chinese automaker Geely will be an anchor investor in a plan by U.S. electric vehicle firm Faraday Future to go public through a merger with a blank-check acquisition company, two people familiar with the matter said.
FILE PHOTO: A building of the Geely Auto Research Institute is seen in Ningbo, Zhejiang province, China August 4, 2017. REUTERS/Aly Song
The deal, which may be announced as early as Friday in the United States, will value Faraday at around $2.7 billion, the people said.
Significant Chinese involvement could be an early policy test for U.S. President Joe Biden’s new administration, given escalating concerns in Washington over the national security implications of China’s technological ascendance.

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