US company headed by Chinese investor Jia Yueting also used equity funding last year; production of EV is slated to start later this year

Electric car company Faraday Future looks on course to launch its first model later this year after it received £1.5 billion worth of investment from a Hong Kong holding company.

The money, supplied by Evergrande Health, adds to the £750 million Faraday Future raised last year by selling off shares. The cash injection means plans to put the FF 91 electric SUV (above), a future rival to the Tesla Model S, into production can go forward. Faraday Future CEO Jia Yueting has said this will take place later this year. 

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 than existing inverters.

The car is claimed to be capable of gaining 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 predicts the car will offer a range of more than 435 miles on the New European Driving Cycle (NEDC) test.

Will Faraday Future take Tesla's electric crown?

The FF 91 will first be launched in China and the US, with production for each market handled within each country. Faraday Future is set to open facilities in Hanford, California and Nansha, Guangzhou. The former is an existing plant that is being refurbished. It replaces plans for an all-new site in Nevada, Texas, which took a hit when construction contractor AECOM claimed a payment of $21m (£16m) was late.

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Securing investment has turned Faraday Future off the worrying path it was on last year. The firm lost several high-level executives in close succession, casting doubt on its future. Former chief financial officer Stefan Krause resigned in October and chief technology officer Ulrich Kranz’s contract was terminated.

Faraday Future said that these changes had no impact upon its ongoing research and development process. It also showed no signs of slowing demand for its FF 91, which has already received more than 64,000 orders.

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Comments
9

13 November 2017

buys you what?

blueprints?

rubbish!

 

love the idea of new smaller companies that grows!

13 November 2017

that $900m gets you only 10% of a company that has yet to build a car, or allegedly pay its suppliers. Whatever the percentage is, I quite like the idea of the FF91 being redesigned and rebadged as a Jaguar.  

14 November 2017

Getting paid easily online every month by just doing easy work from home. I have just received a paycheck of $18572 from this job. I am a full time college student and just working on it for 2 to 3 hrs a day. This job is super awesome and its earnings are massive. Every person on this plannet can makes more income by follow this link.......

.....  www.jobstoday60.com

20 December 2017

Yueting did a runner from China after loads of LeEco's creditors demanded payment, now the company is teetering on the edge of bankruptcy, not sure hes the best choice for a chief exec.

XXXX just went POP.

21 December 2017

Design wise its more appealing than Tesla models. I really hope they can get this off the ground without risking quality and reliability. 64,000 orders is interesting and I expect that will grow rapidly to six figures one the factory is actually working. All that remains to be seen is the sticker price. They absolutely MUST undercut Tesla by 15,000 bucks - can they do it?

what's life without imagination

27 June 2018

You really think this thing is visually more attractive than any Tesla model?

Time to visit Specsavers.

27 June 2018

64 k orders?

yeah- right

27 June 2018

Is this the car that is 2.1 metres wide? If so, its grotesque width is suitable for US freeways and nowhere else.

PS - an internet search shows its width as 2283mm !

28 June 2018

Didn't De Loren do this trick in Ireland?

On a realistic bias,in the US electricity to the consumer is between US4-7cents per KWh.Australia is 28-30cents.Where do you think these vehicles will be more popular?I still can't come to grips with4.5hours to recharge 50%  capacity.What happens,which it does,you are at home charging the car,it's been charging for 10minutes and you get an urgent call to pick up a sick child from school.You've just run the car to 90% empty,so will 10minutes give you enough charge to do the school trip without going flat.

Sorry this is to practical.Look at the horror on the face of a person when their smart phone goes flat let alone the car.

garage man

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