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Faraday Future’s Funding Plan Stumbles
Efforts by Chinese electric car startup Faraday Future Inc. to fund its revised production plan are stalled in a dispute with a primary investor.
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Efforts by Chinese electric car startup Faraday Future Inc. to fund its revised production plan are stalled in a dispute with a primary investor, Bloomberg News reports.
The clash raises new doubts about Faraday’s ability to meet its goal of launching its frequently delayed first EV, the high-performance FF 91 crossover (pictured), in the first half of 2019.
The spat is between Faraday founder Jia Yueting and billionaire backer Hui Ka Yan’s Hong Kong-based Evergrande Health Industry Group Ltd.
Evergrande agreed in July to invest $2 billion in Faraday. Jia claims Evergrande made an initial $800 million payment but has balked at further investment, even though Faraday satisfied agreed performance goals.
Now Jia is suing to get out of the Evergrande deal. He claims Evergrande is trying to steal Faraday’s intellectual property and has blocked others from investing in the startup. Evergrande denies any wrongdoing.
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