Faraday is trying to raise $1 billion to start production of its vehicle, a slick four-door electric sedan that can go from 0-60 mph in 2.39 seconds, but attracting investors has stumbled because of developments connected to the company’s primary backer, Chinese billionaire Jia Yueting.
A Chinese court last week froze $182 million in assets of Yueting related to another company, LeEco. Yueting, chairman of LeEco, quit his position with that company on Wednesday to focus on Faraday Future.
Faraday has also ended talks with the city of Vallejo, California, for a planned second factory on a 157-acre site on the city’s Mare Island.
Source: Las Vegas Review-Journal