While LeTV’s tight funding chain has caused significant layoffs and the entire line of business has contracted, Letv’s partner Faraday Future is seeking new financing.
Faraday future related sources told the First Financial reporter: "We are about to start A round of financing. Mr. Jia Yueting is still our shareholder." The relevant person also stressed: "Lelevision has never been a future shareholder or investor of Faraday. It has always been Mr. Jia Yueting who invested in us."
Faraday Futures Global Chief Financial Officer Stefan Krause said in a statement: “The news of LeTV layoffs is indeed frustrating. But we have to clarify that this will not have any impact on the future business of Faraday. We will still work on FF91. In the short-term, it is to diversify our sources of investment and allow FF91 to go on road in 2018. We are also confident that Faraday will attract global investment in the future."
According to an informed source quoted by Bloomberg, Faraday’s future round of financing will reach US$1 billion. The company is meeting with potential investors. These investors include a wide range of national sovereign wealth funds. The company has launched a corresponding process for selecting financial investors and it is expected that the financing will be officially launched in the coming months.
Although Jia Yueting did not disclose his future holdings in Faraday, according to the person familiar with the matter quoted by Bloomberg, “Jia Yue Ting has previously injected $300 million into Faraday’s future in his personal capacity. He will not add additional funds.â€
At the same time, Faraday's future FF91, which debuted at the CES in January this year, is also making progress. FF91 is known as the world's fastest electric car, reaching 1050 hp, exceeding Tesla. According to information publicly released by Nick Sampton, Faraday's future vice president of global R&D, FF91 is already conducting some key road tests and has acquired valuable test data.
In the future, Faraday has already built an automobile production plant in the north of Las Vegas. Although the plant has not yet been commissioned, a future Faraday spokesman said: "Our production plan is still in place and there are no layoff plans. The layoffs will not affect the future growth of Faraday."
This week, LeTV announced a massive layoff of 325 people in North America. It shut down the R&D team, including North American R&D department heads and Qualcomm’s top executive Rob Chandhok. The North American team is currently downsized to about 50 people.
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