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EV startup Faraday Future in talks to go public through SPAC merger

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Electric vehicle startup Faraday Future aims to close a deal soon to go public through a reverse merger with a special-purchase acquisition ...

Electric vehicle startup Faraday Future aims to close a deal soon to go public through a reverse merger with a special-purchase acquisition company , its chief executive said on Monday.

"We are working on such a deal ... and will be able to announce something hopefully quite soon," Carsten Breitfeld said of the possibility of a SPAC deal.Breitfeld declined to say who Faraday is negotiating with or when a deal would close. SPACs have emerged as a quick route to the stock market for companies, particularly auto technology startups, and have proven popular with investors seeking to echo Tesla Inc's high stock valuation.

It will initially build the vehicle at its plant in Hanford, California, but ultimately will use a contract manufacturer in Asia with which Breitfeld said Faraday has signed an agreement. He declined to identify the company.

 

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