Faraday finds new shareholder

Source: Xinhua | 2018-06-26

Evergrande Health has become the largest shareholder of electric car startup Faraday Future, which was backed by embattled tech entrepreneur Jia Yueting, after it took over a Hong Kong investment company.

Hong Kong-listed Evergrande Health will pay HK$6.75 billion (US$860 million) to buy Season Smart Ltd, which owns 45 percent of Smart King Ltd, a joint venture in which Faraday Future is a major investor owning a 33 percent stake, a corporate statement said yesterday.

The deal will make Evergrade Health the largest shareholder of Faraday Future, which said yesterday that it “welcomes Evergrande Health as a new strategic investor” and confirmed that Jia, founder of Chinese tech group LeEco, will serve as its global CEO.

California-based Faraday Future said it was still on track to start deliveries this year. In August 2017, it signed a lease for a new assembly plant in California.