Season Smart Ltd entered into an agreement with Faraday Future to invest $2 billion into the company, accounting for 45 percent of shares. Faraday Future has now confirmed the share transfer from Season Smart to Evergrande Health Industry Group Ltd, following Committee on Foreign Investment in the United States (CFIUS) approval. The company stated that this marks a major milestone for FF to achieve its vision of delivering a clean, intelligent, connected and shared global mobility ecosystem, welcoming Evergrande Health as its newest strategic investor.
FF will use the funds to accomplish its top priority – finalising the development and delivery of its first production vehicle, FF91, to both US and Chinese markets. The investment will also support Faraday Future to expand its product pipeline, develop cutting-edge technologies and grow the business rapidly in the global marketplace, including its manufacturing facilities in Hanford, California and in Guangzhou Nansha, Guangdong Province, China.
FF 91 is Faraday Future’s first production vehicle and flagship model. It is a full-size luxury crossover EV with estimated 0-60 mph acceleration of 2.39 seconds and an expected range up to 378 miles and will incorporate the company’s latest advancements in performance, intelligence, connectivity, and user experience. The car is equipped with over 30 smart sensors and a motion-enabled 3D LIDAR that enables valet parking, facial recognition, and seamless entry, among other advanced technology. The nearly two-year-long road tests in the US indicate that FF 91 is fully equipped with the conditions and advantages to go into production, thus fulfilling the company’s ambition to playing a leading role in the global EV industry.
California-based global company Faraday Future focuses on next generation intelligent mobility ecosystems. It was established in May 2014 with headquarters in Los Angeles and R&D centres and offices in Silicon Valley, Beijing, Shanghai and Guangzhou. In FF91, the company believes it has brought to life three product revolutions - an “all-in-one” car, a third internet living space and a super car-robot – incorporating six technological revolutions, including vehicle platform, computing platform, autonomous driving, powertrain, Internet and AI.
Image: FF91, courtesy of Faraday Future
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