The9 and Sha Er Qin Industry Park of Hohhot Economic and Technological Development Zone recently signed a cooperation memorandum and the two parties will implement strategic cooperation for the development of a new energy car joint venture established by Faraday Future and The9.
It is said that Sha Er Qin Industry Park will reserve a piece of land of no less than 5,000 mu for the joint venture. At the same time, The9 and Sha Er Qin Industry Park will jointly set up a new energy industrial fund, in which The9 and its subsidiaries will invest no less than CNY500 million and the government will invest no less than CNY1.5 billion.
In addition, Sha Er Qin Industry Park will coordinate to raise CNY4 billion loans for the new energy project. It will recommend local industrial capital and banks to provide interest-free, discount or low-interest loans to support this project.
The9 said that to introduce FF's mature technologies into China and make and sell Internet electric cars in the Chinese market can make positive contributions to the new energy industry development of China.
In March 2019, The9 and FF announced plans to set up a joint venture to make, operate, and sell luxury intelligent Internet electric cars in China.