You Can Now Legally Invest In Faraday Future…
Faraday Future’s path to glory has been complicated to say the least. A series of ludicrously ambitious moves have been plighted with failure, followed by renewed hopes that were ultimately dashed. Incredibly, the aspiring automaker still exists and intends to begin production of its first electric vehicle once its money troubles are over.
Unfortunately, the company is currently engaged in a bitter legal battle with its biggest investor, China’s Evergrande Group, after a planned $2 billion investment went south. The reasons as to why are as foggy as the memory of a heavy drinker but Faraday wanted to trudge onward anyway. Initially, that seemed impossible — especially considering Evergrande held the ability to block any additional investments into the company. However, an interim ruling by a Hong Kong arbitration court has granted Faraday relief to seek financing without approval.
The company said it “can now welcome potential investors from around the world,” according to Reuters. However, if you happen to be a multi-millionaire looking to contribute toward the cause, we’d advise you to examine the company’s history extremely closely.
Faraday has lapsed on numerous debts owed to private suppliers, contractors, and the state of Nevada. In fact, a significant portion of Evergrande’s initial investment went toward paying off those debts. The company then requested an advance, which was denied, forcing arbitration. It is currently leasing a turn-key facility in Hanford, California that it wants to use for production and assembled its first body-in-white there this fall. Full-scale production was expected to commence before the end of the year but that timeline has gone out the window since the aforementioned legal battle began.
[Image: Faraday Future]
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Hmmmmm, this or the magic beans the other guy wants to sell me..
I hear Eddie Lampert is looking for investments for his hedge fund. This would compliment Sears very nicely.