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Faraday Future gets another lifeline to build EV in China



The news is quite surprising, considering Faraday's cluttered relationship with his latest partner, the Chinese real estate company Evergrande. That company promised $ 2 billion, but drew the offer after Faraday blew through the first $ 800 million payment faster than expected. A pledge of additional funding occurred in part, on the condition that Faraday's founder, Jia Yueting, resigned as director of various offshore companies.

They resolved the dispute at the end of 201

8, with Evergrande assuming the rights to Faraday Futures' potential EV sales in China. In exchange, Faraday regained control of its own assets so that it could acquire other loans and sources of funding. It is probably where The9 comes in. It will make an initial deposit of $ 5 million to help Faraday Future bridge "short-term cash flow issues", with the remaining $ 595 million being conditional on further, unspecified funding.

Faraday Futures main asset is FF91 preproduction vehicles that ate much of that funding. The vehicle has hit speeds of up to 155 MPH during the trials, but has gradually become a fire during a Faraday event and set back development. Now the company has to come back to prepare it for production. However, after disputes with Evergrande, many of its employees and engineers lost to Rivian, who recently unveiled an electric truck and SUV. Considering everything Faraday has gone through, it would be quite a miracle if it ever produced any EVs.


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