Faraday Future gets another lifeline to build EVs in China

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Electric vehicle startup Faraday Future, which has been on life support for the past couple of years, has received a surprise cash injection from a mobile gaming company called The9 Limited. The9 will inject up to $600 million into Faraday, which it will use to build a new car called the V9 (based on its FF91 pre-production car) in China. The joint venture said it will build up to 300,000 EVs, with the first pre-production model scheduled to be arrive by 2020. It will also try to launch the FF91 into production in the US this year, Faraday said.

The news is pretty surprising, considering Faraday’s messy relationship with its last partner, Chinese real estate firm Evergrande. That company promised $2 billion, but withdrew the offer after Faraday blew through the initial $800 million payment more quickly than expected. A promise of further financing collapsed, in part, over the condition that Faraday founder Jia Yueting remove himself as director of various offshore companies.


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This article and images were originally posted on [Engadget]. Credit to the original author and Engadget | ESIST.T>G>S Recommended Articles Of The Day

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