(Yicai Global) July 19 -- Faraday Future has begun pre-sales of its first auto, after seven years in the pipeline, as the US electric vehicle startup founded by Chinese businessman Jia Yueting gets set to go public later this week.

Faraday Future’s flagship FF91 can be booked with a fully-refundable downpayment of CNY50,000 (USD7,710), according to the Los Angeles-based firm’s website. Deliveries should start in the first half next year.

The Nasdaq listing will take place through a reverse merger with a special purpose acquisition company called Property Solutions Acquisition. SPACs are listed companies that have cash but no actual business or assets. They seek companies with high development potential to help them go public. The estimated USD1 billion in funds secured through the combination will enable Faraday Future to finally mass produce its FF91 prototype.

Production has been dogged with setbacks, mostly arising from Jia’s personal debt crisis. Jia, who also set up Beijing-based internet firm Leshi Holdings Group, fled China for the US in 2017 to escape mounting arrears largely caused by an overambitious diversification plan that did not pay off.

Part of Jia’s debt restructuring plan, approved by a US court last May, was to put all of his equity in Faraday Future, about 33 percent, into a creditors’ trust. Original shareholders and creditors will continue to own most of the carmaker’s equity, around 66 percent, after the listing.

Editor: Kim Taylor