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Faraday Future Finds Local Government Backing for Latest EV Attempt

By Zhao Runhua / Jun 10, 2019 06:49 PM / Business & Tech

Photo: IC Photo

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.

Related: Embattled Faraday on Life Support with New Financing

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