Photo: IC Photo
Not everyone has given up on debt-ridden electric vehicle (EV) startup Faraday Future, it seems.
An EV joint venture established by Faraday and Nasdaq-listed company The9 is set to receive support from a local government in Inner Mongolia, according to a memorandum of understanding published Monday.
Authorities in Hohhot, the capital of Inner Mongolia, plan to offer the venture at least 1.5 billion yuan ($216 million) in the form of subsidies and infrastructure, and will reserve at least 3 million square meters of land for the company to purchase, the memorandum says. The deal is pending a final contract.
Faraday, founded by disgraced entrepreneur Jia Yueting, has never delivered a single car. The joint venture, established in March, hopes to roll out its first cars in 2020.