Zhuhai Pulls Out from Investment in Faraday Future


BEIJING, July 22 (TMTPOST) — A cornerstone investor who planned to invest US$175 million in EV startup Faraday Future has decided to pull off from the investment, a document submitted by the company to the U.S. Securities Regulatory Commission on July 15th shows. The investor was believed to be a first-tier city in China, which has been confirmed to be Zhuhai city in Guangdong province by several sources. 

The State-owned Assets Supervision and Administration Commission of Zhuhai (SASAC) coordinated with Gree Group and Huafa Group to invest in the debt-ridden Faraday Future, according to Caixin’s report. However, SASAC only talked to Faraday Future and did not have substantial actions, a source close to SASAC said. 

Faraday Future, an American EV startup established by controversial Chinese entrepreneur Jia Yueting, will soon go public on NASDAQ. It is said that Evergrande will hold a 20% stake in the company.

According to Jia, Faraday Future is planning to start delivering its FF91 model in around one year. Jia is currently in New York in preparation for the company’s public listing.

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