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 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.