Shanghai (ZXZC)- The California-based electric vehicle startup Faraday Future Intelligent Electric Inc. (“FF”) today announced that it has signed a non-binding cooperation framework agreement with the municipal government of China's Huanggang city for promoting its U.S.-China dual-home market strategy.

Under the framework agreement, the two parties should contribute their respective advantages in investment, scientific and technological innovation, industrial transformation, location, and policy to boost mutual benefit and common development.

Photo credit: Faraday Future

Huanggang government is expected to assist FF with the industrial deployment in the city and arrangement of relevant resources, while providing supports for FF's local business ventures, including but limited to financial and policy supports.

Besides, FF intends to relocate its China headquarters to Huanggang city, which is expected to be jointly funded by the Huanggang Government guide fund, relevant industrial funds, and FF. Meanwhile, its global headquarters in Los Angeles, California will be maintained.

The framework agreement was signed in the third quarter of 2022.

Huanggang is adjacent to Wuhan, the capital of China's Hubei province, and is a satellite town of the latter. It boasts convenient transportation with three high-speed railway stations and well-developed railroad transportation. It also has the container terminal with direct access to Europe, America, Japan, South Korea, and other overseas regions.

Hubei, the province where Huanggang city belongs to, holds a significant place for China’s automotive industry. It recorded an automobile production volume of 2.1 million units in 2021, accounting for over 8% of China’s overall volume.

FF said it expected to start production of a saleable FF 91 Futurist at the end of March 2023 and see the model come off the assembly line in early April, with deliveries starting before the end of April.