Will the Indian auto giant save Faraday?
There’s no doubt Faraday Future had a rough year. Amid financial problems, staff departures, and abandoning its billion-dollar factory in Nevada, the company has left many of us wondering if it will pull through. But if new reports are to be believed, the company is getting help from a major automotive manufacturer.
According to Chinese outlet Gasgoo, Tata Motors is investing $900 million USD in Faraday Future. The site claims Faraday is worth $9 billion USD, which would mean Tata is essentially purchasing 10 percent of the EV startup. Other Chinese outlets also reported the news, according to Autocar.
Tata Motors, based in India, owns British automaker Jaguar Land Rover. As Autocar points out, JLR could benefit from Faraday Future’s unique technology, including connectivity systems developed with Chinese financial partner LeEco. As we previously reported, JLR has reportedly been looking to buy another luxury brand or technology firm.
Faraday Future received more than 64,000 orders for the FF 91. The Tesla-challenger, packing 1,050 hp, is said to be capable of hitting 60 mph from a standstill in 2.39 seconds. It uses Faraday Future’s Echelon Inverter technology, intended to transform more energy while using less space.
It’s still unclear whether the reports are true or not. We do know Faraday Future has been working to raise money for months, so it’s possible that it has finally found a rock to lean on. When asked for confirmation by Motor Trend, Faraday Future declined to comment on the reports.