Mexican Media Brands
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.
#hybrid
Share
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.
RELATED CONTENT
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
Aluminum Sheet for EV Battery Enclosure
As the number of electric vehicles (EVs) is about to increase almost exponentially, aluminum supplier Novelis is preparing to provide customers with protective solutions
-
Startup Readies Solar-Powered EV
Germany’s Sono Motors GmbH says it has received 5,000 orders for its upcoming Sion electric car, which can be partially recharged by it attached solar panels.