Electric Vehicle Start-Up Faraday Future to Go Public Via a SPAC Merger

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One of the first start-ups to be hailed as a “Tesla killer” is finally going public. 

California-based Faraday Future said on Thursday that it has agreed to merge with a special-purpose acquisition company (SPAC), Property Solutions Acquisition (NASDAQ: PSAC), in a deal that values the combined companies at about $3.4 billion. 

In a statement, Faraday CEO Carsten Breitfeld said that the deal will give the company sufficient funds to launch its FF 91, a luxury battery-electric vehicle first shown in 2017 that has been positioned as a rival to Tesla‘s upscale Model S and Model X. 

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