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EV start-up Faraday Future gets approval for $2bn in funding

ABR Staff Writer Published 26 June 2018

California-based electric vehicle start-up Faraday Future has confirmed the $2bn of initial round equity funding after approval from the Committee on Foreign Investment in the US (CFIUS).

As part of the funding Evergrande Health Industry Group has invested HK$6.75b ($860m) by transferring Season Smart partnership created last year to aid Faraday.

Evergrande revealed the details in Hong Kong Stock Exchange filing.

After the deal is completed, 45% of Faraday Future stake will be owned by Evergrande Health, 33% of the stake will be owned by Jia Yueting, the original shareholder and 22% will be owned by the employees of the company, as part of the employee incentive programme.

Evergrande Group is a Chinese company focused on wellbeing and actively explores the high-tech industry as well. The company has total assets of RMB1.76 trillion ($27bn). Last year its sales were RMB501bn ($76bn).

Faraday Future, which employs over 1,000 people, will work to break boundaries of several industries and share the intelligent mobility ecosystem it seeks to create.

The company said: "This influx of funding allows us to continue pushing forward the goal of delivering FF 91, our first production vehicle, and beyond.”

The electric automaker also stated that it will use the funds for the development and delivering of first production vehicle, FF91 for both the US and the China markets.

The investment is also expected to support the company in expanding its product pipeline, developing, new technologies and to grow the business rapidly in the global marketplace and to establish manufacturing facilities in Hanford, California and in Guangzhou Nansha, Guangdong Province, China.

Image: Faraday Future’s FF91. Photo: Courtesy of PRNewsfoto/Faraday Future.