Faraday Future (FF) expects to sell more than 400,000 units over the next five years and has received more than 14,000 orders for its first flagship model, FF 91, the company said today.

FF today announced that it and special purpose acquisition corporation (SPAC) Property Solutions Acquisition Corp. (PSAC) have entered into a definitive agreement to merge their businesses. The merger will be listed on the NASDAQ Stock Exchange under the symbol "FFIE" upon completion.

FF said the merger will provide it with approximately $1 billion in capital to support the mass production and delivery of the FF 91 and the development of the follow-on FF 81 and I.A.I. systems.

The Boards of Directors of both FF and PSAC have unanimously approved the proposed business combination, which is expected to be completed in the second quarter of 2021. Based on current estimates, the company will be valued at approximately $3.4 billion upon closing based on a subscription price of $10.00 per PIPE share.

FF also announced that the common stock PIPE in the financing includes more than 30 long-term institutional shareholders from the US, Europe, and China and that the PIPE cornerstone investors include large financial institutions from the US and Europe, the top three private automotive OEMs in China and top tier Chinese cities.

Combined with recent media reports, it can be inferred that the "top three private automotive OEMs in China" refers to Geely and the "first-tier city" is Zhuhai.

FF said that global PIPE investors and partners from different industries fully support the mass production of FF 91 and the development of subsequent models. In particular, China's top three automotive OEMs and partners in first-tier cities will help FF quickly realize its landing in the Chinese market, and FF has become the second US electric car company introduced to China after Tesla.

In addition to the development and completion of the first model FF 91, the product definition of the second model FF 81 has been completed and the R&D work is advancing.

FF's flagship product, the FF 91, has 1,050 horsepower and accelerates from 0-100 km in less than 2.4 seconds, which the company plans to launch approximately 12 months after the IPO is completed.

Over the next five years, FF's passenger car plans will include the FF 91 series, the FF 81 series, and the FF 71 series.

The FF 81 is expected to be mass-produced and launched in 2023, and the FF 71 is expected to be mass-produced and launched at the end of 2024.

In addition to passenger cars, FF also plans to launch the "Last Mile Smart Mobility Vehicle" (SLMD) in 2023 using its proprietary VPA platform.

FF said it will use a global manufacturing footprint, including its manufacturing facility in Hanford, California, as well as a foundry partnership with a South Korean partner in manufacturing. The company is looking to do OEM manufacturing in China through a joint venture.

Chinese city Zhuhai reportedly invests $300 million in Faraday Future