Jia Yueting announces Faraday Future IPO scheduled for 2020, mentions new FF81 model

by Habeeb Onawole 0

Faraday Future, the electric vehicle company co-founded by Jia Yueting, which has been embroiled in a financial dispute with its main investor, Evergrande had an event this week where it announced some “good news”.

Faraday Future FF91
Faraday Future FF91 in mass production

It turns out that the company’s financial troubles are getting resolved. Faraday Future has received an emergency relief from the Hong Kong International Arbitration Center against Evergrande which allows it to find other ways of financing. Its search for new funding has yielded results as it has begun talks with blockchain company, EVAIO.

Reports say the outcome of the talks will see Faraday Future get up to $900 million in funding over a three-year period. Also, quite a number of EVAIO executives used to work at Tesla before, so Faraday Future will benefit from their wealth of experience.

fFaraday Future Arbitartion against Evergrande Health

Jia Yueting also revealed that he plans to take out 64% of his personal equity to motivate workers and another 40% of equity shares to provide an incentive for partners and outstanding talents ahead of a planned IPO in 2020.

Faraday Future FF81

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Mr. Yueting also mentioned plans for a new model called the FF81 which will be manufactured at its Hanford plant in California. Judging by the lower model number, the FF81 may cost less than the FF91 which has already entered mass production.

(Sources: 1, 2 Via: 1, 2, 3)