AUTOMOTIVE NEWS CHINA

Faraday said it closed its merger with Property Solutions Acquisition Corp, giving the EV maker about $1 billion in proceeds to fund the rollout of its FF 91 crossover.

The deal will give the automaker full ownership of its factories and sales business in the world's biggest auto market.

After seven years of unsuccessfully trying to bring Chinese-brand vehicles to U.S. dealerships, HAAH Automotive is throwing in the towel.

Until recently it was fleet sales that drove the country's boom. Not anymore.