Faraday Future, a Los Angeles based smart electric car company backed by Jia Yueting, founder of Chinese technology conglomerate LeEco, is reportedly seeking a new funding round of US$1 billion from large-scale investors including sovereign wealth funds, according to media reports citing insiders.
Jia Yueting, who previously injected roughly US$500 million of his own money into the company, will not participate in the round. The firm will reportedly to use the proceeds to protect itself from the chronic cash shortages currently facing LeEco in China.
Faraday Future did not respond immediately to an inquiry from China Money Network to confirm the information.
The company debuted its first car, the FF 91, two days before CES 2017 in January. A four-door sedan which can accelerate from 0 to 60mph in 2.39 seconds, the vehicle is priced a...
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