Electronics and Semiconductors

Struggling Electric Car Startup Faraday Future Gets a $2 Billion Boost

28 June 2018
The FF 91 will be the first production-ready vehicle from the start-up automotive vendor. Source: Faraday Future

Late last year, reports began to circulate about financial problems facing electric vehicle startup Faraday Future.

The California-based but Chinese-backed Faraday was rumored to have secured new funding to deliver its first EV but the deal was never announced. Apparently, Faraday said the finalization of the funding was delayed due to regulatory approval and now it has announced that Season Smart Limited invested $2 billion in the company back in November of last year for a 45 percent stake.

However, Season Smart Limited has transferred ownership of that 45 percent stake to Evergrande Health, a Hong Kong Stock Exchange listed company.

Faraday said the funding will allow the company to continue to push forward to delivering its first electric production vehicle called the FF 91. The FF 91 will be an all-electric, autonomous-ready and connected car that will feature a 300-plus mile range on a single charge and be able to go from 0 to 60 in 2.39 seconds.

To contact the author of this article, email PBrown@globalspec.com

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