Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Faraday Future reportedly thrown a $900M life line by Indian automaker

Tuesday, November 14, 2017 12:35
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Don’t count Faraday Future out just yet. The aspiring electric car startup that’s backed by Chinese billionaire Jia Yueting has faced a series of legal setbacks and financial woes over the last year, most recently publicizing the firing of former BMW veteran who became the company’s CFO.

However, Faraday Future has reportedly received $900 million in funding by Indian automaker Tata motors, according to a local Chinese media source.

The 10 percent stake in Faraday Future values the aspiring Tesla rival at a staggering $9 billion. This is despite the electric car startup’s inability to bring their 1000+ hp FF 91 car to market after its grand debut at CES in Las Vegas.

Tata’s investment in Faraday Future might seem like a hefty sum to pay on a company that is seemingly out of runway, but gaining access to Faraday’s intellectual property could be a small investment for Tata’s subsidiary, Jaguar Land Rover, which looks to launch its own series of fully electric cars. One might recall the virtual reality press event Jaguar held at last year’s LA Auto Show for its all-electric I-Pace Concept crossover.

Jaguar Land Rover has pledged to build all new models that will be all-electric or hybrid by 2020.

Jaguar I-Pace concept looks to compete against the Tesla Model X

It’s not clear how Tata’s $900 million lifeline will be used, but considering the failed attempt to build a state-of-the-art factory in Nevada and pushback on a proposed customer experience center in Northern California, amid an onslaught of bad press, Faraday Future has big investments to make in revitalizing its brand reputation. And that’s even before the company begins building its arguably funny-looking, LIDAR-adorned FF91.

The post Faraday Future reportedly thrown a $900M life line by Indian automaker appeared first on TESLARATI.com.



Source: https://www.teslarati.com/tata-invests-900m-faraday-future-10-percent-stake/

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.