The cash injection should keep it afloat in the foreseeable future.
The future looks a little bit brighter for troubled electric car startup Faraday Future. The California-based, Chinese-backed company allegedly raised $1 billion by selling shares.
The news comes as a surprise -- and likely as a relief to Faraday's employees. Earlier reports claimed the company would run out of money before the end of the year if it didn't manage to raise funds and pay off its debts in a timely manner. The cash injection should keep it afloat in the foreseeable future.
Company founder Jia Yueting has poured a substantial amount of his own money into Faraday Future. This time, the funding comes from outside the firm. China recently blacklisted Yueting after he failed to repay a debt of about $73 million to a company named Ping An Securities Group Holdings, according to Yicai Global. Being blacklisted means, in a nutshell, that Yueting can't borrow money from banks.
Yueting -- who often gets the bulk of the blame for the financial issues -- also announced he will become Faraday Future's first CEO. Speaking to employees, he promised the cash injection will help the firm start production of the FF91 (pictured) before the end of 2018.
Faraday Future will be present next month at the Consumer Electronics Show (CES) in Las Vegas, where it once planned to build its cars. We'll likely learn more about what the future holds, or doesn't hold, when the event opens its doors.