Faraday’s Future has hit another snag, in a dispute with the company’s latest investors.
The development of the luxury electric Faraday Future FF91, has been a roller-coaster ride of winning financing, running into disputes, delaying the car, and finding new investors.
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The latest round of $2 billion in financing announced in June by a Hong Kong investment company, allowed the company to produce its first production prototype of the FF91 luxury electric SUV.
Now that financing is in doubt after Faraday filed an arbitration suit against Evergrande Health, the Hong Kong investment company saying it hasn’t produced the first $700 million round of promised funding. Evergrande responded that Faraday had not met investment targets to release the money.
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In the on-again-off-again saga of Faraday Future’s development of a high-end luxury electric car, the company introduced the car with a flashy evening reveal at the Consumer Electronics show in 2017 and broke ground on what was expected to be a massive factory in Las Vegas.
No sooner had the cornerstone been laid than financing evaporated, and the car went into hibernation.
READ MORE: Faraday Future unveils FF 91, its first production electric car; deposits open, no price given
Since then, the company has secured liquidity and run aground twice. An investment last fall allowed the company to lease a former Pirelli tire factory in California’s Central Valley. Another round of funding last February quickly evaporated, before Evergrande threw Faraday a lifeline in June.
With Faraday now running into rocky shoals again, it’s not clear who or what might bail them our now—and enable the production they’d been working toward.
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