Informed sources said that if Faraday & Future can not complete the A round of financing by December, more than 400 million US dollars, 12% of the coupon convertible bonds will be immediately honored because the news is not public, people do not want to be named. Said the maker of electric vehicles wants to pay Chinese investors in the bond but has been struggling for months to fund the sale, while the company is still handling about $ 100 million of unbooked bills.
Jia Yunting abandoned control of its domestic main business this year and instead shifted its focus to Faraday, hoping to challenge Tesla's position in the field of electric vehicles with the aid of Chinese funds and Western technology. One of the persons familiar with the matter Said some of the financing problems that lie ahead of the company are partly unmanaged by the mainland regulatory authorities' permission to leave the country.
The company said in a statement that round A funding is currently underway and there is no comment beyond that.