Faraday Future Looking For New Investment To Stay Afloat

Shortly after Faraday Future hit the headlines when co-founder Nick Sampson stepped down, the electric car manufacturer has revealed that it is exploring various strategic options, seemingly in a bid to stay alive.

In a statement issued to Reuters, Faraday said that it was exploring debt and equity financing and that it “can now welcome potential investors from around the world.”

While the company is in desperate need of additional investment, it remains to be seen if any companies or individuals will be willing to invest in a company that’s been plagued with as many problems as Faraday.

Faraday Future’s longevity hit dire straits last month after it emerged that the startup is trying to end a deal to sell a 45 per cent stake to China’s Evergrande Health Industry Group.

Evergrande claims that Faraday has already spent around $800 million that was given to it and that the automaker manipulated its board of directors regarding a deal to advance the carmaker additional money.

On the other hand, Faraday Future asserts that it finalized a deal with Evergrande in 2017 that would see a 45 per cent stake sold in exchange for $2 billion. Faraday says that in July 2018, Evergrande agreed to speed up remaining payments totalling $500 million this year. It’s alleged that Evergrande has been holding back payment in an attempt to gain control of the company and its intellectual property.

Faraday Future got a reprieve last week when a Hong Kong arbitration court ruled that it could look for investment from sources other than Evergrande Health.

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  • ksegg

    Dude. Just stop. For facks sake just stop and move on.

  • Mr. EP9

    Why are they prolonging their suffering? Just drag it behind a barn and shoot it already. This company has been through enough.

  • TheBelltower

    Such a mess. Just pull the plug and let some other automaker acquire it. If there’s anything worth buying, that is.

    • Mike anonymous

      Oh there is a lot worth buying. They actually have some pretty impressive technology. But that technology under it’s current ‘owners’… well it’s clear not much at the moment is happening.

      • Tydogg123 .

        What sort of proprietary technology do they have?

        • Maymay

          Nada

        • Mike anonymous

          Their motors as well as their battery technology is more advanced than what Tesla or other companies have. But their implementation of it has been extremely poor.

          I have said it before and I will say it again. cancel production of the FF91, and BUILD the FFZERO1. With this they don’t have to worry about heavy production, they can build one of the worlds fastest electric super/hyper-cars, and they can use the money from the vehicles they sell to then fund other project. Their current business model and plan is not going to work for them and they have a lot of technology, from morphing wheels, track-level all wheel steering, Ai-facial recognition technology, and much more.

          They have the technology, they have the skill, and they have the ability to pick themselves up, BUT NOT on their current path.

      • TheBelltower

        Hope so. For investors, it’s tough to justify spending money on the current organization. If an acquisition happens, they will need to totally clean house.

  • Maymay
    • Mike anonymous

      lol that’s so mean. yet I found this hilarious. At least 3 of the people in the photograph are not even at the company any longer and have not been for over a year now. But entertaining none the less.

  • Mike anonymous

    THAT’S actually a good idea. They could become the ‘Italidesign’ of the electric vehicle world. Basically having other companies come out with products that are labeled “Developed by FF”.
    For Example: “The New BMW i8,. with FF technology” or something of the sort. Almost like a provider of technology or something similar to an in-house coach builder.

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