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.
“EVAIO has made contact with Faraday Future to invest 900 million USD over three years via indirect STO. FF and EVAIO will now start up the discussion for the details of the plan,” posted Patrick De Potter, CEO of a blockchain startup named EVAIO, on Nov.13.
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.
YT Jia’s car manufacturing business has made new progress. Faraday Future, an electric vehicle startup backed by LeEco founder YT Jia, announced the opening of its factory in Hanford, California. Photos revealed that the factory is already operating with some personnel and mechanical equipment.
The Beijing Securities Regulatory Bureau released an announcement on December 25 that former LeEco chairman YT Jia must return to China by December 31. Jia is required to fulfill his duty as LeEco’s actual controller to deal with LeEco’s risks and protect investors’ rights and interests.