Hot on the heels of reports from China claiming that Tata Motors had invested $900 million in Faraday Future for a 10 per cent stake in the electric startup, a Tata spokesperson has completely denied any investment.
DNA India reached out to Tata about the Faraday Future investment and were told, “The news is not true and hence we do not have any comment.”
It was initially reported that the investment would provide Tata Motors and Jaguar Land Rover with access to the advanced technologies created by Faraday Future, including connectivity systems it’s developed with Chinese backer LeEco.
The Tata investment would have come at a particularly tumultuous time for the electric startup promising to take on Tesla. Not only have a host of high-ranking executives left Faraday Future in recent weeks, but the company has tried and failed to attract any substantial investments.