30 Nov '16, 7am

Faraday Future Parent LeEco Lands $600 Million; Construction to…

Faraday Future Parent LeEco Lands $600 Million; Construction to…

Earlier this month we reported that construction of startup electric carmaker Faraday Future’s $1 billion Nevada factory was halted due to financial problems , but it now looks like $600 million in funding for its parent LeEco could get the project up and running. A report from Reuters said that the money is for supporting Faraday’s automotive endeavor and LeEco’s high-tech business pursuits. According to Reuters , Leshi Holdings, the umbrella corporation for LeEco and Faraday Future, received funding from 10 Chinese companies, and an initial $300 million was to be invested in LeEco by yesterday, with the other half to come at a later date. LeEco has invested in high-tech consumer products from Faraday electric cars, to smartphones and televisions with its recent $2 billion buyout of California-based Vizio. The company has been facing a shortage of cash and suffering from ...

Full article: http://www.hybridcars.com/faraday-future-parent-leeco-lan...

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