Corning hits 1-million-unit milestone with gasoline particulate filter production
Transport Canada providing $2.9M to help to prepare Canada for connected and automated vehicles; $500K to U of Alberta

Faraday Future confirms $2B in first round funding; Evergrande Health strategic investor

Luxury, performance electric vehicle startup Faraday Future (FF) has confirmed the US$2 billion of first round equity funding following Committee on Foreign Investment in the United States (CFIUS) approval.

This marks a major milestone for FF to achieve its vision of delivering a clean, intelligent, connected and shared global mobility ecosystem. Yueting (YT) Jia, founder of FF, will also officially be taking the role of FF Global CEO.

On 30 November 2017, Season Smart Limited entered into an investment agreement to invest $2 billion (USD) into FF; shares from this investment have been transferred to Evergrande Health Industry Group Limited (Evergrande Health), a Hong Kong Stock Exchange listed company. The transaction was closed after completion of review and investigation by CFIUS.

Pursuant to the terms of the $2-billion investment, the details of share structure are 45% for Evergrande Health, 33% for the original shareholder, and 22% for the team at FF. FF welcomes Evergrande Health as a new strategic investor.

This influx of funding allows FF to continue pushing forward the goal of delivering FF 91, its first production vehicle, and beyond.

Ff-91-gallery19

FF 91

FF will continue to use the committed funds to finalizing the development and delivering the first production vehicle—FF 91—to both US and China markets. The investment will also support FF to expand its product pipeline, develop advanced technologies and grow its business rapidly, including its manufacturing facilities in Hanford, California and in Guangzhou Nansha, Guangdong Province, China.

FF 91 is a full-size luxury crossover EV with estimated 0-60 mph acceleration of 2.39 seconds and an expected range up to 378 miles (EPA test cycle). The car is equipped with more than 30 smart sensors and a motion-enabled 3D LIDAR that enables valet parking, facial recognition, and seamless entry, among other advanced technology. The nearly two-year-long road tests in the US indicate that FF 91 is fully equipped with the conditions and advantages to go into production and lead the EV industry.

Established in May 2014, Faraday Future is headquartered in Los Angeles with R&D centers and offices in Silicon Valley, Beijing, Shanghai and Guangzhou.

Comments

HarveyD

To succeed, FF would have to allow a high percentage of production to the China plants for the local and export markets and restrict production/assembly of units to California for the local USA market.

High performance batteries could be supplied from So-Korean, Japan and China.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name is required. Email address will not be displayed with the comment.)