Tuesday, June 26, 2018
Faraday Future Finds $2 Billion In Lifeline
Troubled Los Angeles-based electric car maker Faraday Future has received a $2 billion lifeline, and says is continuing to work on delivering its first production vehicle, the FF 91. Faraday Future said on Monday that has signed a deal with Evergrande Health Industry Group Limited to invest $2 billion into the company, after approval by the Committee on Foreign Investment in the United States (CFIUS). As part of the funding round, the company said that Yueting (YT) Jia, founder of Faraday Future, will become Global CEO of the company. Evergrande Health Industry Group Limited is listed on the Hong Kong Stock Exchange, and takes a stake after a complex transfer of ownership from Season Smart Limited, which had agreed to the $2 billion investment in November of 2017. Faraday has been in turmoil since last year after running out of financing, all related to money troubles faced by Faraday's founder, Yueting (YT) Jia.