Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home Email this story   Print this story
 
Faraday Future ends dispute with main investor
Reuters | 2019/1/8

Chinese electric vehicle developer Faraday Future signed a new restructuring agreement with a unit of its main investor, Evergrande Health Industry Group, ending a bitter legal fight and clearing the path for raising funds.

Season Smart, which agreed to be bought by China's Evergrande Health, will now own 32 percent preference shares, down from a previous 45 percent, according to filings.

Faraday, which has ambitions to overtake Tesla Inc., said the agreement would speed up its equity and debt financing efforts, adding that investors have expressed interest and several have already held talks.

Faraday said in November it was exploring strategic options, including debt and equity financing, two days after its co-founder Nick Sampson stepped down.

The company got into a legal tussle with Evergrande Health after a planned $2 billion investment went sour.

Under the latest agreement, announced Dec. 31, both parties have agreed to withdraw and waive all current litigations and arbitration proceedings, and all rights to any future claims. 

Related Stories
  • Evergrande to start making electric vehicles in June
  •     --Published:2019/22/3
     
  • GM to launch 9 locally produced electrified vehicles in next 5 years
  •     --Published:2019/15/3
     
  • BAIC sets sights on Europe with electric supercar, crossover
  •     --Published:2019/8/3
     
  • Nio warns of lower Q1 sales, scraps Shanghai plant
  •     --Published:2019/8/3
     
  • TGood says EV battery charging unit breaks even
  •     --Published:2019/5/3
     
  • EVs shine as market's lone bright spot
  •     --Published:2019/22/2
     
  • VW hikes EV target by 50% with China, budget models
  •     --Published:2019/19/2
     
  • China's EV market: Dispelling the myths
  •     --Published:2019/12/2
     
  • China's Arcfox to introduce next-gen crossover concept in Geneva
  •     --Published:2019/8/2
     
  • Koenigsegg teams with Saab successor to go electric
  •     --Published:2019/1/2
     
  • Evergrande Health takes 1.06B yuan stake in Chinese auto battery maker
  •     --Published:2019/29/1
     
  • Didi, BAIC form joint venture to work on green-vehicle projects
  •     --Published:2019/29/1
     
  • BP invests in Chinese electric vehicle charging platform
  •     --Published:2019/25/1
     
  • Germany backs r&d center for EV battery technology to rival Asia producers
  •     --Published:2019/25/1
     
     

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     

     
     

    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
     
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.
    ICP06057291