(Yicai Global) Sept. 8 -- Faraday Future, the US electric vehicle startup founded by Chinese businessman Jia Yueting, is planning to open its first flagship stores in Los Angeles and New York.

The carmaker is searching for upscale and high-traffic locations in the two US cities to accommodate its direct sales strategy, Faraday Future said on its official website today. The California-based firm is expected to have about 20 flagship stores in major cities around the world by 2025.

Faraday Future’s marketing will combine the online and offline arenas, the EV maker said, adding that the sales channels will be its online platforms, self-owned and partner-owned stores. The firm has also signed memoranda of understanding with sales partners including Jolta in the US and Harmony Group in China.

After seven years in the pipeline, the company will start delivering its FF91 luxury model in the first half of next year, and mass production will begin a year later.

Due to founder Jia Yueting’s personal debt crisis, Faraday Future decided to list on the Nasdaq through a special purpose acquisition corporation, or SPAC. It debuted on the Nasdaq in late July.

The stock [NASDAQ:FFIE] closed down 15.3 percent to USD9.18 yesterday, giving it a market capitalization of USD2.8 billion. The issue price was USD13.78 a share.

Editor: Futura Costaglione