Faraday Future, a Los Angeles, California-based global company focusing on the next generation of intelligent mobility ecosystems, received $2 billion (USD) in its first equity funding round.
On November 30, 2017, Season Smart Limited entered into an investment agreement to invest $2 billion (USD) into FF. The deal has been now confirmed following Committee on Foreign Investment in the United States (CFIUS) approval. Evergrande Health Industry Group Limited (Evergrande Health), a Hong Kong Stock Exchange listed company (0708.HK), has joined as the newest strategic investor and shareholder after the share transfer of the ownership of Season Smart Limited to Evergrande Health.
Pursuant to the terms of the $2 billion investment, the details of share structure are:
– 45% for Evergrande Health (Investor),
– 33% for the original shareholder, and
– 22% for the team at FF.
The company intends to use the funds to finalize the development and deliver the first production vehicle, FF 91, to both US and China markets, to expand its product pipeline, develop technologies and grow the business rapidly in the global marketplace, including manufacturing facilities in Hanford, California and in Guangzhou Nansha, Guangdong Province, China.
Established in May 2014 by Yueting (YT) Jia, who will also officially be taking the role of FF Global CEO, the company is finalizing FF 91, a full-size luxury crossover EV with estimated 0-60 mph acceleration of 2.39 seconds and an expected range up to 378 miles (EPA test cycle). The car is equipped with over 30 smart sensors and a motion-enabled 3D LIDAR that enables valet parking, facial recognition, and seamless entry, among other advanced technology.
The company has 1,000+ employees who bring experience from companies spanning across consumer electronics, auto, internet and energy industries.