Faraday Future says new merger will fund EV production at Hanford plant

HANFORD, Calif. (KFSN) -- A new business deal is bringing renewed hope that Faraday Future will eventually build electric vehicles at their Hanford manufacturing facility.

The Los Angeles-based company announced today that it is merging with a special purpose acquisition company called Property Solutions Acquisition Corp. and will be listed on the Nasdaq Stock Market once the transaction is complete.

The arrangement, Faraday Future officials say, will provide the company $1 billion to fund the production of their FF-91 luxury electric car.

Faraday took over Hanford's old Pirelli tire factory in 2017.

They hired and trained many local workers, but complex financial problems forced layoffs and delayed production of the high-tech car.

RELATED: Faraday Future lays off more Hanford workers

Thanks to this new partnership, the company says it is poised to finally bring the FF-91 to market.

"We are excited to enter into this partnership with PSAC," Faraday Future CEO Dr. Carsten Breitfeld said. "This is an important milestone in our company's transformation, one that we achieved with strong commitment from our employees, suppliers, and partners in the U.S. and China, as well as the city of Hanford, California. I am excited that this business combination will allow us to launch the class defining FF 91, building upon the founder's original vision to help our users and shareholders take part in shaping the future of mobility."

Besides Hanford, the company says part of its manufacturing strategy includes a partner in South Korea.

For the company's full press release, click here.