Faraday Future Stock 🏎️ Electronic Vehicle To Stock Market With This SPAC? CCAC Citic Capital FF91

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Faraday-Future-Stock market spac CCAC

“While we may pursue a business combination target in any business or industry, we intend to search globally for companies in the energy efficiency, clean technology and sustainability sectors, with a focus on companies that we believe can be positioned for success in China, as well as other markets in Asia and beyond.”

Interestingly enough, Faraday Future has deep connections to China. Evergrande Group, one of the largest property owner/developers in China, had previously invested about $2 billion directly into Faraday Future and although they filed litigation against Yueting in the past in order to settle outstanding debt obligations, they ultimately decided to settle the dispute outside of the courts. Evergrande themselves have been actively investing in EV startups very recently, including a new $516 million joint venture alongside Tencent, Didi, Sequoia Capital, and Jack Ma himself for a new Chinese EV platform. Eric Chan of CITIC Capital is among the peers of Evergrande Group and even share some of the same investments together, including CITIC’s part-ownership of a shared 28% stake in Evergrande Group’s property management division which recently targeted a spin-off IPO for itself on the Hong Kong market. CITIC is heavily invested in real estate and Eric Chan himself is a real estate guru in his own right.

Many correlations between the two I found OctopusMM like this

All of that being said, the shared interests and connections between CITIC and Evergrande are palpable and significant enough to at least warrant some consideration in a potential deal. After all, 90% of Yueting and Faraday Future’s debtors come from China and I’m sure the sight of the EV craze in the US markets piques the interest of the current outstanding shareholders of the company looking to unlock some equity from their prior investments into FF. Yueting, of course, no longer has a significant enough stake in the company to sway any opinions. However, the new CEO Carsten Breitfeld has his own China connections, having recently been pulled away from Chinese EV start-up Byton in order to right the Faraday ship in the US.

There’s also the fact that Faraday Future has previously announced its intentions to compete with Tesla in China and other markets around the globe. This would at least fall in line with CCAC’s mission of targeting a “clean technology” company positioned well for success in Chinese markets, among others. Additionally, Faraday Future entered a 50/50 joint partnership with Chinese online video game company, The9, late last year in order to bring a new EV to China. It seems as though Faraday envisions its success as more anchored to China than the US, given the controversies surrounding it stateside.

I’m not saying it’s a done deal that CCAC will ultimately forge a deal with Faraday Future. I’m merely raising the prospect of this SPAC, which is relatively unknown but with significant enough connections to the company, to at least make a phone call to the powers that be at FF. There’s enough substance there for SPAC investors to at least glance at the prospect of this merger combination. Whether you believe in the company or not, the EV craze is real and isn’t going anywhere anytime soon. FF can potentially right the ship with the right management team and good decision making. We’ll see how this one plays out.

End Article

https://sec.report/Document/0001193125-20-011778/

CCAC

CITIC Capital Acquisition Corp.

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