Jia Yueting needs to repay more than $3.6 billion to over 100 creditors following the collapse of LeEco.
YT Jia is out as CEO, but he’s still sticking around as Faraday Future’s Chief Product and User Officer.
The exec was ordered back to China in 2017 to repay his debts and various court orders were made to freeze his assets.
Faraday Future still has plans to bring at least three electric vehicles to the market.
Faraday Future’s V9 concept previews a production model which is slated to be sold in China.
Faraday Future is teaming up with a new partner to launch a flagship electric vehicle in China.
Faraday Future is not dead yet, but its plans to construct a billion bucks facility in the U.S. definitely are.
The agreement with Evergrande Health stops the lawsuits and will allow Faraday Future to seek new investors.
The startup EV automaker remains largely under the control of China’s Evergrande real estate group.
Faraday Future is free to look for investment from around the world.
Faraday Future is also laying off everyone who joined the company after May 1st.
Yet another chapter in the story of Faraday Future is unfolding.