faraday future

UPDATE, 4 November 2018: In an email to CarAdvice, Jacob Brown, Faraday Future's manager for product and lifestyle communications, said the company is not shutting down operations and has "hired a new financial advisor team team this week to assist as we move forward in seeking funding". We will continue to report on Faraday Future's path forward as news come to hand.

Tata has reportedly bought a 10 per cent stake in troubled Chinese electric startup Faraday Future. According to Gasgoo, Chinese media outlets are reporting Tata has purchased 10 per cent of Faraday Future for US$900 million ($1.2 billion). If the reports are true, a healthy cash infusion could see the help stabilise the situation at the troubled EV manufacturer, which has undergone an exodus of senior personnel in recent weeks.

Faraday Future, the ambitious electric vehicle startup, is reportedly seeking a huge injection of funds from external sources, as its Chinese backers run into serious money issues. The company has begun drawing up plans to procure around US$1 billion ($1.3 billion) in outside funding, a source has told Bloomberg.

LeEco, the Chinese tech company that is partnering with Aston Martin to produce the RapidE EV, has announced its plans to build a $2.3 billion factory for its upcoming LeeSee electric sedan. The South China Morning Post reported this week that the company’s new manufacturing facility will be built in Deqing county, located in the Zhejiang province in China, which is just over two hours south-west of Shanghai by car.

An iTunes App Store screw up has given the world an early look at mysterious Faraday Future’s first concept, due to be unveiled at this week’s Consumer Electronics Show in Las Vegas. News of Faraday Future’s coming was made official in 2015, but the startup has gone to great lengths to maintain secrecy over its management structure, finances and product plans.