Published on July 25th, 2018 | by Nicolas Zart0
Faraday Future Extends Lifeline With $2 Billion In Financing
July 25th, 2018 by Nicolas Zart
I’m sure e-mobility history will have a passage or even chapter dedicated to the incredible Faraday Future story. The question is where that story will go from here. Once a promising bright light in the bustling electric vehicle world, it was left for dead a year ago. Now it has come back at the 11th hour. It hopes another $2 billion will save the day. So, what is next for FF?
Faraday Future Secures $2 Billion Financial Round
Faraday Future (FF) got $2 billion of first-round equity funding came with approval from the Committee on Foreign Investment in the United States (CFIUS). The agreement started on November 30, 2017, when Season Smart Limited entered into an investment agreement to invest $2 billion into FF, which probably relates to the positive news from March about a new factory.
Although FF is not a public company and its financial records are not open to public scrutiny, it says this investment will help it to achieve its vision of delivering a clean, intelligent, connected, and shared global mobility ecosystem. In other words, FF is still going for a holistic EV ecosystem, not just a car or two. As would be expected, Yueting (YT) Jia, founder of FF, is the official Global CEO.
The press release further quotes: “Pursuant to the terms of the $2 billion investment, the details of share structure are 45% for Evergrande Health (Investor), 33% for the original shareholder, and 22% for the team at FF.”
And: “FF will continue to use the committed funds to accomplish our top priority – finalizing the development and delivering the first production vehicle, FF91, to both the US and China markets. The investment will also support Faraday Future to expand its product pipeline, develop cutting-edge technologies and grow the business rapidly in the global marketplace, including our manufacturing facilities in Hanford, California and in Guangzhou Nansha, Guangdong Province, China.”
Does This Mean It’s A Green Light For FF At Last?
Not so fast, Kemosabi. This gives FF breathing space and allows it to continue its mission. The goal is to get the FF91 out the door as soon as possible.
Speaking of which, did you know why FF chose the FF91 name specifically? The 9 and 1 are spelled out as individual numbers “nine-one,” not “ninety-one,” because the number “9” represents the highest number in a single digit, which reflects FF91’s top-level luxury status and best-in-class performance, while the “1” represents the first of the model lineup.
Hopefully we’ll finally get to drive an FF91 and then an FF92, FF93 …