Faraday Future Secures $1.08 Billion For Electric Sports Car Development

LeEco, the Chinese company behind California-based Faraday Future has raised $1.08 billion

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by Michael Karkafiris

September 21, 2016 at 13:00

LeEco, the Chinese company behind California-based Faraday Future has raised $1.08 billion to develop an electric sports car which will probably be inspired by the insane FFZERO1 concept.

The company has managed to receive funding from a group of Chinese investors that includes Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust.

LeEco also attracted headlines back in April with their LeSEE autonomous EV concept which wants to unseat Tesla, when it will reach production. Back then, the company’s founder Jia Yueting said that financing had been the weakest link for their electric car project.

Faraday Future’s FFZERO1 concept utilized no less than four electric motors, mounted at each wheel with a total output of more than 1000hp. The company claimed that their concept is capable of a 0-62mph in less than 3 seconds, with the top speed set at over 200mph (321km/h).

The company opted for a dramatic look for the FFZERO1 which looked more like an endurance racer than an actual road-legal car but Faraday Future’s secret lies in the modular platform that’s under the skin, which offers them the ability to build a wide variety of different electric vehicles.

Via Bloomberg