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Faraday Future Looks for $1 Billion in Outside Funding
California-based Faraday Future Inc. aims to raise $1 billion to keep its plans on track to launch electric-car production in Nevada in 2019, a source tells Bloomberg News.
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California-based Faraday Future Inc. aims to raise $1 billion to keep its plans on track to launch electric-car production in Nevada in 2019, a source tells Bloomberg News.
The startup was launched in 2014 with heavy backing from Chinese tycoon Jia Yueting and his LeEco internet company. But last November he admitted his company was running out of cash. Bloomberg’s source say Jia, who invested $300 million in Faraday, won’t spend more on the company.
Early this year Faraday delayed plans to introduce its first car this year, slashed its planned product lineup from seven to two models—conventional and high-performance crossovers—and suspended work on a $1 billion factory to make 150,000 vehicles per year.
Bloomberg says Faraday is selecting an advisor for the funding scheme and hopes to complete it before summer ends.
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