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FF reportedly manages to raise 1 billion dollars

Amenda From Gasgoo| December 18 , 2017

Jia Yueting LeSEE, China auto news, FF financing 1 billion


Shanghai (Gasgoo)- Recently, an insider of Faraday Future (FF) told the Securities Daily, a China local media, that the company managed to finish its A round financing.

On December 13, Jia Yueting, FF’s main financial backer announced at an internal meeting that after negotiating with investors for nearly one month, Faraday Future succeeded in raising over 1 billion dollars in its A round financing.

Besides, Jia also told the staff that he will serve as the company’s Chief Executive Officer (CEO) and Chief Product Officer (CPO) to push the management and organizational reforming, and ensure the implementation of strategies and the launching of products. Actually, at the beginning of this month, it was reported that Jia’s legal team was drawing up FF’s A round financing investment agreement.

During Jia’s 40-minute speech at the meeting, the Chinese entrepreneur, who has been placed on a debtor blacklist by the government, reconfirmed that he would never give up his great dream to build FF vehicles.

However, the fact seems contradictory with the ambition. A Chinese reporter recently went to the FF 91 factory in Hanford, California to find that the factory, covering 900,000 square feet, has only one keeper. According to the plan FF released in August, the factory will finish all preparatory work in the following months, such as layout, refurbishment and license application. The company had expected to move in machines at the beginning of next year. However, little progress has been achieved after the cleaning and painting in August. 

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