Faraday Future on Thursday released a teaser shot of a minivan the EV startup is developing in partnership with Chinese video game company The9.
The minivan is called the V9, and it has been developed on the modular platform that Faraday Future debuted in early 2017 in the FF91 crossover SUV.
In a Tweet, Faraday Future key shareholder Jia Yueting described the V9 as a mobile cabin combining luxury, connectivity and artificial intelligence.
Faraday Future and The9 plan to form a joint venture in China to start production of the V9 in 2020. The companies estimate that production could reach 300,000 units annually.
Why The9 wants to expand into the automotive space isn't clear, but the company is open to committing $600 million to the project and has already paid $5 million to Faraday Future to get things started.
According to an SEC filing, additional payments in $200 million increments will be made to Faraday Future as certain milestones are met, one of which is securing funding for a factory in China.
Faraday Future FF91 prototype
However, where The9 will get the $600 million isn't clear. The company is valued at $100 million and has annual revenues of only about $10 million.
Faraday Future itself is struggling to raise capital to get its FF91, the company's first product, into production. The company recently started selling off non-core assets like a site in Nevada for a proposed $1 billion plant, plus a headquarters in California.
One potentially bright spot for Faraday Future is that it managed to reach a new agreement with key investor Evergrande Group in January, an agreement that is expected to speed up its financing efforts. Should all go to plan, Faraday Future is hoping to start production of the FF91 at a former tire plant in Hanford, California, by the end of 2019.