Faraday Future receives RMB 300 million from Evergrande Group at end of 2017

Shanghai (Gasgoo)- It is disclosed recently that Evergrande Group had invested in FF's Cayman company at the end of 2017 with a total of RMB 300 million, which indicates that Evergrande Group may gain 20% stake of FF's Cayman company, since FF's valuation was just RMB 1.5 billion at that time.

According to the person who briefed this matter, Evergrande Group would pay FF RMB 100 million first to help it live through the financial dilemma, after they signed the investment agreement. Another person who briefed this matter noted that the investment from Evergrande Group was lifesaving money for FF. If FF hadn't received the investment from Evergrande Group, it may go bankrupt.

Evergrande Group confirmed to invest FF with RMB 300 million before Christmas Day in 2017. On Dec. 13, FF only announced it finished $1 billion funding in its internal.  It is said that the investor was declined to expose information about the funding and more details.

Previously, Jia Yueting wanted to sell Lucid, another EV company invested by him, to save FF. However, he failed to sell it finally. Till now, Evergrande Group and FF both refused to comment on the matter. 

According to American media, Member of the Kings County Board of Supervisors Doug Verboon, Hanford City Manager Darrel Pyle and others from Kings County visited FF's headquarters in Gardena on April 10.

Evergrande Group, one of the Fortune Global 500 which is based on the real estate, has total assets of RMB 1.76 trillion, and has reached an annual sales scale of RMB 501 billion and annual taxes of RMB 79 billion in 2017. Moreover, it has 127,000 employees in total by 2017.