Faraday Future reveals the source of its $2 billion investment as a co-founder steps away
Faraday Future has revealed the source of a mysterious financing round that saved the company from running out of cash at the end of 2017. Evergrande Health, a subsidiary of the Chinese conglomerate and real estate giant Evergrande Group, is now the largest shareholder of Faraday Future after acquiring a 45 percent stake in the automotive company for a total of $2 billion.
But as the company takes renewed aim at its goal of starting production on the FF91, an ultra-fast, ultra-luxurious electric car, at least one of its founding figures won’t be along for the ride. Tony Nie, a former Lotus executive and one of Faraday Future’s three co-founders, left his role as senior vice president of the company near the beginning of the year, three...