California-based Faraday Future (FF) has confirmed the $2 billion (USD) of first round equity funding following Committee on Foreign Investment in the United States (CFIUS) approval.
This marks a major milestone for FF to achieve its vision of delivering a clean, intelligent, connected and shared global mobility ecosystem. Yueting (YT) Jia, founder of FF, will also officially be taking the role of FF Global CEO.
On November 30, 2017, Season Smart Limited entered into an investment agreement to invest $2 billion (USD) into FF.
Evergrande Health Industry Group Limited (Evergrande Health), a Hong Kong Stock Exchange listed company, was also announced as a FF’s newest strategic investor and shareholder after the share transfer of the ownership of Season Smart Limited to Evergrande Health. The transaction was closed after completion of review and investigation by CFIUS.
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.
FF will continue to use the committed funds to accomplish their top priority – finalizing the development and delivering the first production vehicle, FF 91 to both US and China markets.
The investment will also support FF to expand its product pipeline, develop cutting-edge technologies and grow the business rapidly in the global marketplace, including our manufacturing facilities in Hanford, California and in Guangzhou Nansha, Guangdong Province, China.