California based electric car start-up Faraday Future has secured a deal worth #1.5 billion from an anonymous investor based in Hong Kong says a report of Digital Trends. The Chinese backed automaker has already received $550 million earlier that helped Faraday Future to dodge bankruptcy. Business Insider says that the investor will pay the remaining $950 million once the company showcased its production version of cars and reaches its milestone which is yet to be announced in public domain.
Faraday Future is looking to refurbish its factory in California and with the fresh investment, it will install a new assembly line it purchased for its factory outside of Las Vegas. “We are well into the process of design and permitting and have begun planning our recruitment cadence. As of February 1, the property has been completely vacated, so we will move forward on construction and equipment by the end of the quarter,” Dag Reckhorn, the firm’s senior vice president of global manufacturing, Faraday Future said in a media statement.
Faraday always planned in making more than one model, expect the company to use a huge chunk of fresh money to develop a new car which is expected to be more affordable and will be positioned below the FF91 SUV that was showcased at CES 2017.
Faraday Future displayed an early sketch of its next product to about 100 suppliers including the likes of include Bosch, LG Chem, Fuji Technical & Miyazu, Velodyne, Ricardo, and Fanuc among others. The company is looking to strengthen Faraday Future’s supply chain relationship, “Our goal was for suppliers to walk away with renewed confidence about our plans and our funding, and judging by the overwhelming response, I think we’ve achieved that,” said Pablo Ucar, head of Supply Chain at FF.
The new vehicle is likely to be called FF81 and will take its design cues from FF91 and will be a mass-market vehicle. Expect Faraday to showcase this at the upcoming 2018 Beijing Auto Show. Faraday’s future does depend a lot on this new vehicle, the company says it is on track to deliver the first examples of the 1,000-horsepower FF91 by the end of 2018.
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