Faraday Future secures Hail Mary investment, and Jia Yueting takes over as CEO
Just weeks before Faraday Future was set to exhaust its cash supply, the company has secured a major new investment. Jia Yueting, a company co-founder and its main financial backer, told employees in a meeting last week that he has lined up a new round of funding, and that he is taking over as CEO of the beleaguered electric car company, multiple former employees tell The Verge. News of the meeting and potential investment was first reported by multiple Chinese outlets on Monday.
The details of the investment are still murky. It has been reported that Jia lined up at least $1 billion in exchange for shares of the company, though it’s unclear how many, or who’s buying. One former employee who is still close to Faraday Future tells The...