The way I see it, the only people that are going to invest serious money into companies with technologies that could challenge the established players... are the established players, when they buy them or partner with them.
The way I see it, the only people that are going to invest serious money into companies with technologies that could challenge the established players... are the established players, when they buy them or partner with them.
D
Deleted member 25
I was very surprised to hear all those ex BMW big shots joined them, it smelled vapourware from miles away, even though i really liked their concepts.
Cashmere
RPM Ruler
Tata invests $900 million in Faraday Future, reports claim
Chinese media outlets state that the Indian conglomerate has bought 10% of the troubled American electric car company
by Sam Sheehan
13 November 2017
Tata is investing $900 million (£687m) into electric car start-up Faraday Future, Chinese media outlets have claimed.
Gasgoo claims that US-based Faraday Future is worth $9 billion (£6.87bn), meaning Tata’s money will buy it 10% of the company.
Autocar has contacted Faraday Future and Tata about the claims. A Faraday Future spokesman declined to comment, while Tata is yet to issue a response at this stage.
Will Faraday Future take Tesla's electric crown?
Tata brand Tata Motors owns Jaguar Land Rover (JLR), which itself is investing heavily in the development of electric technology. Such a deal could give JLR access to Faraday Future’s advanced technology, which includes the high-tech connectivity systems developed by Chinese financial partner and electronics specialist LeEco.
The deal would also mark a big step in the right direction for Faraday Future after it recently revealed that two of its leading figures had departed.
Chief financial officer Stefan Krause resigned in October and chief technology officer Ulrich Kranz’s contract was terminated. However, Faraday Future said that this had not impacted upon its ongoing research and development process.
The company has received more than 64,000 orders for its first model, the FF 91, a Tesla Model S rival, and is building a battery factory in Texas, but plans took a hit earlier this year when construction contractor AECOM claimed a payment of $21m (£16m) was late.
Faraday Future has since scaled back its plans for the site and delayed its completion date by a year to 2019.
The FF 91 is powered by a 130kWh battery and uses Faraday Future's patented Echelon Inverter, which it says can transform more energy while using less space.
The car can gain 500 miles worth of charge per hour and comes with a home charger that can fill the battery to 50% in less than 4.5 hours at 240v. Faraday Future says it predicts the car will offer a range of more than 435 miles in New European Driving Cycle (NEDC) tests.
Source: Tata invests $900 million in Faraday Future, reports claim | Autocar
Chinese media outlets state that the Indian conglomerate has bought 10% of the troubled American electric car company
by Sam Sheehan
13 November 2017
Tata is investing $900 million (£687m) into electric car start-up Faraday Future, Chinese media outlets have claimed.
Gasgoo claims that US-based Faraday Future is worth $9 billion (£6.87bn), meaning Tata’s money will buy it 10% of the company.
Autocar has contacted Faraday Future and Tata about the claims. A Faraday Future spokesman declined to comment, while Tata is yet to issue a response at this stage.
Will Faraday Future take Tesla's electric crown?
Tata brand Tata Motors owns Jaguar Land Rover (JLR), which itself is investing heavily in the development of electric technology. Such a deal could give JLR access to Faraday Future’s advanced technology, which includes the high-tech connectivity systems developed by Chinese financial partner and electronics specialist LeEco.
The deal would also mark a big step in the right direction for Faraday Future after it recently revealed that two of its leading figures had departed.
Chief financial officer Stefan Krause resigned in October and chief technology officer Ulrich Kranz’s contract was terminated. However, Faraday Future said that this had not impacted upon its ongoing research and development process.
The company has received more than 64,000 orders for its first model, the FF 91, a Tesla Model S rival, and is building a battery factory in Texas, but plans took a hit earlier this year when construction contractor AECOM claimed a payment of $21m (£16m) was late.
Faraday Future has since scaled back its plans for the site and delayed its completion date by a year to 2019.
The FF 91 is powered by a 130kWh battery and uses Faraday Future's patented Echelon Inverter, which it says can transform more energy while using less space.
The car can gain 500 miles worth of charge per hour and comes with a home charger that can fill the battery to 50% in less than 4.5 hours at 240v. Faraday Future says it predicts the car will offer a range of more than 435 miles in New European Driving Cycle (NEDC) tests.
Source: Tata invests $900 million in Faraday Future, reports claim | Autocar
D
Deleted member 25
9 billion value for what ?
CrunchSlaughtered
RPM Ruler
Exactly my reaction. It seems like the people at Gasgoo have mistaken the currency
DjordjeC63
Vorsprung Visionary
Any news? I think that I read that they find solution for financial problems..
sako97
Autotechnik Ace
Founder is broke as a joke and has been ordered to return to China (living in California) so he can answer for all his debts. He’s still seeking loans and investments.
DjordjeC63
Vorsprung Visionary
It's Alive: EV Startup Faraday Future Gets New Top Investor, U.S Funding Approval
After more than a year of financial turmoil and executive turnover, China-backed luxury electric-car maker Faraday Future has secured a degree of stability with a new main shareholder and U.S. Treasury Department approval of a much-needed $2 billion funding deal.
Evergrande Health Industry Group, a Hong Kong-based unit of Chinese billionaire Hui Ka Yan’s Evergrande Group, acquired a controlling 45% stake in Faraday Future for about $860 million (HK$6.75 billion) through the transfer of the Season Smart Limited partnership created last year to aid Faraday, Evergrande said in a June 25 Hong Kong Stock Exchange filing. Faraday’s original investors retain a combined 33% stake, with the remaining 22% of company equity to be distributed to employees as part of an incentive program, according to the filing.
Los Angeles-based Faraday, headquartered in a building that was once part of Nissan’s U.S. West Coast campus, also said its $2 billion equity funding deal arranged in November got a green light from Treasury’s Committee on Foreign Investment in the United States.
“This marks a major milestone for FF to achieve its vision of delivering a clean, intelligent, connected and shared global mobility ecosystem,” the company said in a statement. Additionally, Faraday founder Yueting Jia, who goes by YT, is now officially its CEO.
The Evergrande deal includes an additional $1.2 billion to be invested in two $600 million installments, at the end of 2019 and 2020, according to the filing. Whether the new ownership structure and much-needed funding can turn Faraday Future into the would-be Tesla rival YT had hoped to create remains to be seen.
After a splashy demonstration of its flagship FF 91 model at CES 2017 in Las Vegas, a cash shortage forced Faraday to mothball a $1 billion, 3 million-square-foot auto-assembly plant in Nevada. However, this month the company said it’s moving forward with a smaller facility in Hanford, California, that is to be ready to build the battery-powered FF 91 by the end of the year.
In January the company also sued its former CFO and CTO, claiming theft of intellectual property and the poaching of at least 20 former Faraday Future employees, for a competing EV startup they founded in December.
At the same time, YT is contending with his own legal problems. He has debt issues stemming from the troubled LeEco conglomerate he created, and so far hasn’t complied with a deadline set by Chinese securities regulators to return to resolve those matters. Instead, he's remained in the U.S. to focus on FF 91 production, according to the South China Morning Post. Chinese media reports said this month that YT is on a list that bars people with outstanding debt or tax issues in that country from luxury air and rail travel.
If delivered as promised, the FF 91, a crossover wagon that would compete with Tesla’s Model X SUV and the new Jaguar I-Pace, could be an attention-grabbing entry. The company vows 0-60 mph acceleration in 2.39 seconds and up to 378 miles per charge. The vehicle would also come to market with features such as facial recognition technology and an array of sophisticated sensors, including laser Lidar, to enable autonomous driving and a “valet” self-parking feature.
Yet the company also faces a host of competitors in the advanced EV market beyond Tesla, including China-backed Byton, NIO and essentially every major European luxury auto brand, all of whom have their own next-generation models in the works.
But for a company that appeared to be on life support not long ago, Monday’s news looks like a major shot in the arm.
It's Alive: EV Startup Faraday Future Gets New Top Investor, U.S Funding Approval
After more than a year of financial turmoil and executive turnover, China-backed luxury electric-car maker Faraday Future has secured a degree of stability with a new main shareholder and U.S. Treasury Department approval of a much-needed $2 billion funding deal.
Evergrande Health Industry Group, a Hong Kong-based unit of Chinese billionaire Hui Ka Yan’s Evergrande Group, acquired a controlling 45% stake in Faraday Future for about $860 million (HK$6.75 billion) through the transfer of the Season Smart Limited partnership created last year to aid Faraday, Evergrande said in a June 25 Hong Kong Stock Exchange filing. Faraday’s original investors retain a combined 33% stake, with the remaining 22% of company equity to be distributed to employees as part of an incentive program, according to the filing.
Los Angeles-based Faraday, headquartered in a building that was once part of Nissan’s U.S. West Coast campus, also said its $2 billion equity funding deal arranged in November got a green light from Treasury’s Committee on Foreign Investment in the United States.
“This marks a major milestone for FF to achieve its vision of delivering a clean, intelligent, connected and shared global mobility ecosystem,” the company said in a statement. Additionally, Faraday founder Yueting Jia, who goes by YT, is now officially its CEO.
The Evergrande deal includes an additional $1.2 billion to be invested in two $600 million installments, at the end of 2019 and 2020, according to the filing. Whether the new ownership structure and much-needed funding can turn Faraday Future into the would-be Tesla rival YT had hoped to create remains to be seen.
After a splashy demonstration of its flagship FF 91 model at CES 2017 in Las Vegas, a cash shortage forced Faraday to mothball a $1 billion, 3 million-square-foot auto-assembly plant in Nevada. However, this month the company said it’s moving forward with a smaller facility in Hanford, California, that is to be ready to build the battery-powered FF 91 by the end of the year.
In January the company also sued its former CFO and CTO, claiming theft of intellectual property and the poaching of at least 20 former Faraday Future employees, for a competing EV startup they founded in December.
At the same time, YT is contending with his own legal problems. He has debt issues stemming from the troubled LeEco conglomerate he created, and so far hasn’t complied with a deadline set by Chinese securities regulators to return to resolve those matters. Instead, he's remained in the U.S. to focus on FF 91 production, according to the South China Morning Post. Chinese media reports said this month that YT is on a list that bars people with outstanding debt or tax issues in that country from luxury air and rail travel.
If delivered as promised, the FF 91, a crossover wagon that would compete with Tesla’s Model X SUV and the new Jaguar I-Pace, could be an attention-grabbing entry. The company vows 0-60 mph acceleration in 2.39 seconds and up to 378 miles per charge. The vehicle would also come to market with features such as facial recognition technology and an array of sophisticated sensors, including laser Lidar, to enable autonomous driving and a “valet” self-parking feature.
Yet the company also faces a host of competitors in the advanced EV market beyond Tesla, including China-backed Byton, NIO and essentially every major European luxury auto brand, all of whom have their own next-generation models in the works.
But for a company that appeared to be on life support not long ago, Monday’s news looks like a major shot in the arm.
It's Alive: EV Startup Faraday Future Gets New Top Investor, U.S Funding Approval
Cashmere
RPM Ruler
Faraday Future FF 91 Production Officially Begins for December Deliveries
The company announcing its first complete FF 91 body-in-white. This means that the company has started full-car assembly. The manufacturing tech used included over 1,500 self-piercing rivets for joining up the aluminum body structure, aluminum-resistant spot welding, cold metal transfer welding and a special screw technology that is good for a “uni-directional joining process. The company says that it’s aiming for deliveries to start in December through the middle of 2019.
https://jalopnik.com/faraday-future-ff-91-production-officially-begins-for-d-1827995466
The company announcing its first complete FF 91 body-in-white. This means that the company has started full-car assembly. The manufacturing tech used included over 1,500 self-piercing rivets for joining up the aluminum body structure, aluminum-resistant spot welding, cold metal transfer welding and a special screw technology that is good for a “uni-directional joining process. The company says that it’s aiming for deliveries to start in December through the middle of 2019.
https://jalopnik.com/faraday-future-ff-91-production-officially-begins-for-d-1827995466
Busty
Highway Hunter
All I see is a storehouse with a lifting ramp. No signs of a production line whatsoever. When the guy opens the door, the procedure is not only f**king complicated but he also handles the thing with kid gloves. Imho, this is not 'pre-production', but still an evaluation vehicle, at best.
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