Mexican Media Brands
Faraday Future Looks for Financial Saviors
Struggling electric car startup Faraday Future Inc. says it is looking for debt and equity financing to revive its hope of launching its first car by the end of this year.
#hybrid #economics
Share
Struggling electric car startup Faraday Future Inc. says it is looking for debt and equity financing to revive its hope of launching its first car by the end of this year.
Founded by Chinese billionaire Jia Yueting, who now serves as CEO, the 4-year-old company has been backpedaling on its goals since it announced grandiose plans in December 2015 to open a $1 billion factory in Nevada that would begin making EVs in 2017 and eventually produce seven models at a combined annual rate of 150,000 cars.
Now the company has retained Stifel, Nicolaus & Co. as its financial advisor to seek new financial saviors, Reuters reports. Faraday has been scrambling since a pledged $2 billion investment in July by China’s Evergrande Group soured in September.
In August, Evergrande announced even more expansive plans for Faraday. It predicted the company would open five plants in China and be making five million EVs per year a decade from now. Evergrande made an initial investment of $800 million in Faraday but balked at going further.
RELATED CONTENT
-
Tesla Owners in Germany Ordered to Return Subsidy
Germany has ordered about 800 Tesla Model S electric cars owners to pay back a €4,000 ($4,700) government subsidy they received.
-
On Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
Engineering the 2019 Jeep Cherokee
The Jeep Cherokee, which was launched in its current manifestation as a model year 2014 vehicle, and which has just undergone a major refresh for MY 2019, is nothing if not a solid success.