Faraday Future has sold its Los Angeles headquarters in a desperate effort to stay afloat after dispute with their former main investor Evergrande.
The war between EV startup Faraday Future (FF) and its main investor Evergrande appears to be over after the two companies reached a restructuring agreement on Dec. 31.
Faraday Future (FF), the electric car start-up aiming to challenge Tesla, held an “Evolution Strategy Communication Meeting” at the Los Angeles headquarters on Nov. 12.
The Chinese-invested and US-based electric vehicle producer Faraday Future (FF) is said to have laid off more than half of their employees and cut salaries for the ones remaining, due to cash flow problems that arise from its dispute with its main investor Evergrande Health.
Arbitrators ruled that Evergrande could no longer prevent the EV-company Faraday Future (FF) from seeking funding from other financing sources in the emergency arbitration between the EV-company Faraday Future’s CEO Jia Yueting and Evergrande Health Industry Group Ltd. on Oct. 25.
Evergrande Health Industry Group Ltd. announced on August 14th that Faraday Future, a U.S. electric vehicle startup, has set up its operating headquarters in China and plans to build five R&D and production facilities across the country in the next decade.
Faraday Future (FF), the California-based electrical vehicle start-up, confirmed on July 15 that Xia Haijun, CEO of Evergrande Group, has assumed the post of FF’s chairman. Jia Yueting, the founder of FF, continues in his role as the global CEO.
Evergrande Group, a Shenzhen-based Chinese real estate giant, has acquired 100 percent shares of Season Smart Limited for HKD 6.746 billion($860 million), becoming the British company’s largest shareholder.
LeEco founder Jia Yueting is welcoming his second white knight after investments by Sun Hongbin, billionaire real estate developer and the founder and chairman of Sunac China Holdings. This white knight came with 300 million U.S. dollars in hand.