Tech

Flush with new cash, embattled electric-car startup Faraday Future hopes to turn the page on a rough 2 years

Posted On: Feb 13, 2018   |   Posted By: Business Insider

Flush with new cash, embattled electric-car startup Faraday Future hopes to turn the page on a rough 2 years

The long-suffering electric-car outfit Faraday Future hopes to turn the page on what has been a rough couple of years for the company.
A new, Hong Kong-based investor has promised a $1.5 billion infusion - $550 million of which is already in the bank, a source familiar with the company's business dealings told Business Insider.
The company says it plans to recharge its operations, beginning with a supplier summit at its Los Angeles-area headquarters Tuesday and Wednesday. Bosch, LG Chem, Fuji Technical & Miyazu, and Velodyne are among the suppliers in attendance.
Lingering challenges are still on the horizon as Chinese regulators pursue Faraday Future's top executive, Jia Yueting, over hundreds of millions in unpaid debt.
More than two years after it first emerged from stealth mode and pitched itself as a "Tesla-killer," Faraday Future is best known not for making high-tech, 1,000-horsepower electric cars. Instead, the unpaid bills, lawsuits, an employee exodus, and public bickering with former executives...

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