Faraday Future settles months-long battle with investor
It's been just over a month since we initially reported Faraday Future was in some trouble with a major investor, but today some good news for the company as Faraday Future and investor Evergrande have come to a resolution.
Evergrande announced on Monday that it had agreed to restructure its 2 Billion dollar investment in Faraday Future with the catch that Evergrande would walk away with full control over Faraday Futures efforts in China.
That's a pretty big piece of the company for Faraday Future to give away, but this will not only help the company overcome their money troubles, but also unlock assets which Evergrande had previously locked up not allowing Faraday Future to leverage against with future investors.
The additional cash flow into Faraday Future will help with its further development of the FF91 all-electric car which has been in development for many years, along with paying the employees which over the past month have been paid off or furloughed. This may also help Faraday Future attract some new executives since they lost some key execs in the past few months.
Hopefully, this money will allow Faraday Future actually to bring a product to market, right now it still seems a little up in the air what the result will be for this company.
Update from the story on December 5th: Story Link