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- The9 will be a 50% partner of the joint venture with control over business operations.
- The joint venture will serve the China Marketed with the manufacturing, marketing, distribution and sale of Faraday Future's new V9 model, a flagship luxury vehicle based on the technology and design concepts of the FF 91 EV, Faraday & Future's consumer car model , as well as on other selected car models.
- The expected annual production capacity of the joint venture is 300,000 cars and the first pre-production car is expected to exit the production chain in 2020.
- Faraday & Future will pay contributions, including the use of the right on a piece of land China grant the joint venture an exclusive license to manufacture, market, distribute and sell the new Faraday Future V9 model and other potentially selected models of cars China, with The9 preparing for 600 million USD in total capital contribution.
- The9 will make an initial deposit of $ 5 million with Faraday & Future, the remainder of The9's capital contribution is conditional on the satisfaction of the financing conditions.
SHANGHAI, March 24, 2019 / PRNewswire / – The9 Limited (Nasdaq: NCTY) ("The9"), a well-established Internet company, today announced the signing of a joint venture agreement ("JVA") with Faraday & Future Inc. incorporated society the laws of California in the United States ("FF") to create a joint venture ("JV") to manufacture, market, distribute and sell electric cars in China. The immediate objective of the joint venture is to manufacture, market, sell and sell exclusively the new Faraday Future V9 model, a flagship luxury IAIEV based on the technology and design concepts of the FF 91, the flagship consumer car model of FF, as well as other potentially selected vehicles. models in China.
Under the terms of the JVA, The9 will make a capital contribution of up to 600 million USD in three installments equal to the joint venture, and FF will make contributions, including its right to use on land in China for the manufacture of electric cars and will grant to the joint venture an exclusive license for the manufacture, marketing, distribution and sale of the new Faraday Future V9 brand model and other potential car models in the country. Chinain each case subject to the satisfaction of certain conditions. The9 and FF will each own 50% of the joint venture, while The9 will control the commercial activities. FF, JV and The9 will negotiate and enter into a license agreement under which FF will grant the joint venture an exclusive license to manufacture, market, distribute and sell the new Faraday Future V9 model. other models of cars potentially selected at China.
"We are very pleased to see The9, rich Internet company of more than a decade of experience in the industry, partnering with FF, a high-tech company for intelligent mobility on Internet, aiming to introduce high-quality luxury electric vehicles to the Chinese market, "said Feng. . Jun Zhu, CEO of The9, "FF has the latest technology and product strategy, as well as a world-clbad team of talent and resources, and by leveraging FF's technology capabilities, we believe our alliance with FF provides us with excellent opportunity to continue the growing market of electric vehicles in China. We look forward to a long and successful relationship with FF and we are honoring this step of diversifying our business portfolio as a high tech internet company. "
"Like a Californiaultra-luxury smart mobility brand, FF has hundreds of exclusive patents, as well as more than 2,000 industrial patents being approved, both China and United States. We are committed to being part of the future of China's mobility market for electric vehicles. Through the creation of the joint venture, we are able to implement our dual and dual brand home market strategy and achieve our strategic goal of introducing our brand of luxury electric vehicles into the country. China. This is only the beginning of a series of strategic actions for FF, all designed to support the completion and launch of its "new species" FF 91 EV in 2019, continue the development of the FF 81 market premium model in both countries. China and United States. "The founder and CEO of FF, YT Jia, commented.
"We are very grateful for this opportunity as it demonstrates the recognition of The9's FF product technology, and I believe that FF's strategic vision and product concept will be fully integrated with the Internet and the operating genes of the company." 39 user of The9 in order to guarantee the smooth operation of FF new.brand products and flagship in China"YT Jia said.
About The9 Limited
The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The goal of The9 is to become a diversified high-tech Internet company.
For more information on The9, please contact:
Mrs. Connie Sun
Investor Relations Specialist
The9 Limited
Tel: +86 (21) 5172-9990
Email: [email protected]
Website: http://www.the9.com/en/
About Faraday & Future Inc.
Faraday & Future Inc. (FF) is a Californiabased on the global shared smart mobility company.
Established in May 2014, FF is a global company headquartered in Los Angeles. FF's vision is to create a shared intelligent mobility ecosystem that allows everyone to move, connect, breathe and live freely.
For more information on FF, please contact:
John Schilling
Director of Public Relations
310-956-6488
[email protected]
https://www.ff.com/
Declaration of the Safe Harbor
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by such terms as "will," " "Expects", "expects", "future" "intends", "projects", "believes", "estimates" and similar statements. Among other things, statements about potential transactions may constitute forward-looking statements. Statements that are not historical facts, including statements regarding The9's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those in any forward-looking statement. The9 badumes no obligation to update forward-looking statements, except as required by law.
SOURCE The9 Limited
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