Faraday Future has agreed to go public through a merger with blank-check firm Property Solutions Acquisition Corp., reigniting hopes that the electric vehicle startup will be able to bring its premium car to production after a long delay. The transaction is scheduled to close in the second quarter and the combined company will be named Faraday Future Inc., according to the statement. Investor interest in electric vehicle makers has surged in the wake of Tesla Inc.’s booming share price and optimism that the Biden Administration will spur demand through EV-friendly policies. Property Solutions, led by Chairman and co-CEO Jordan Vogel, raised $230 million in a July IPO. Faraday hasn’t announced a price but executives have previously said it will be around $150,000, as the company targets the luxury market.

Source: Mint January 28, 2021 16:21 UTC