Electric car company Faraday Future has secured $1 billion (£747 million) worth of funding by selling off shares, in a move that newly appointed chief executive Jia Yueting claims will ensure its FF 91 model makes production before 2018's close.
According to Shanghai's Securities News, Yueting, who is the founder of Faraday Future and struggling Chinese technology firm LeEco, announced the results of the equity funding at an employee meeting. He also said that he would move into Faraday Future's leading position, filling a role that has been vacant for four years.
The news may come as a relief for Faraday Future's employees, most of whom are in the US, with their future having been cast into uncertainty with recent funding issues and the departure of high-level executives.
Only last month reports suggested Faraday Future had received £687 million in investment from Indian conglomerate Tata, but the company said: "the news is not true and hence we do not have any comment". US-based Faraday Future is supposedly worth about $9 billion (£6.87bn), meaning the claims for Tata’s investment would have bought it 10% of the company.
Prior to that, former Faraday Future chief financial officer Stefan Krause resigned in October and chief technology officer Ulrich Kranz’s contract was terminated. However, Faraday Future said that this had not impacted upon its ongoing research and development process.
Faraday Future was building a battery factory in Nevada, Texas, to handle the FF 91's production, but plans took a hit when construction contractor AECOM claimed a payment of $21m (£16m) was late. The company is now planning to refubish an existing plant in Hanford, California.
Despite these various issues, Yueting has maintained that his company will deliver its first customer FF 91 by the end of 2018.
The FF 91 is powered by a 130kWh battery and uses Faraday Future's patented Echelon Inverter, which the company claims can transform more energy while using less space.
The FF 91 can gain 500 miles worth of charge per hour and comes with a home charger that can fill the battery to 50% in less than 4.5 hours at 240V. Faraday Future says it predicts the car will offer a range of more than 435 miles in New European Driving Cycle (NEDC) tests.