What happened Shares of Property Solutions Acquisition (NASDAQ: PSAC), a special-purpose acquisition company (SPAC), surged on Monday after a report that it may be close to a merger deal with electric-vehicle start-up Faraday Future. As of 11:30 a.m. EST, Property Solutions' stock was up about 18.1% from Friday's closing price. So what Bloomberg reported that Property Solutions is in talks to merge with Los Angeles-based Faraday Future in a deal that would take Faraday public at a valuation around $3 billion. According to the report, Property Solutions is working to raise roughly $400 million, apparently the amount needed to make the merger deal happen. Faraday has said that its luxury electric vehicle, the FF 91, could be in production in about a year after it raises additional capital. Many analysts thought Faraday could emerge as a Tesla competitor after the company's impressive presentation at the Consumer Electronics Show in 2016. But after unveiling the FF 91 a year later, Faraday's momentum stalled as co-founder Jia Yueting racked up debt while trying to build a business empire in China, and many early Faraday employees left. Faraday's FF 91 was hyped when it was first revealed in 2017. Faraday is hoping to finally get it into production next year. Image source: Faraday Future. Now what Faraday is now led by a former BMW executive, Carsten Breitfeld, and it appointed former FOX Factory Holding chief financial officer Zvi Glasman as its CFO just last week. While auto investors should be cautious here -- the deal isn't yet official, and things could change quickly -- it does appear that Brietfeld is assembling the pieces needed to finally get the FF 91 into production. 10 stocks we like better than Property Solutions Acquisition Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Property Solutions Acquisition Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 John Rosevear has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool recommends BMW and Fox Factory Holding. The Motley Fool has a disclosure policy.Source