Flush with new cash, embattled electric-car startup Faraday Future hopes to turn the page on a rough 2 yearsGet the Full StoryEthan Miller Getty Images
The long-suffering electric-car outfit Faraday Future hopes to turn the page on what has been a rough couple of years for the company.
A new, Hong Kong-based investor has promised a 1.5 billion infusion — 550 million of which is already in the bank, a source familiar with the company's business dealings told Business Insider.
The company says it plans to recharge its operations, beginning with a supplier summit at its Los Angeles-area headquarters Tuesday and Wednesday. Bosch, LG Chem, Fuji Technical & Miyazu, and Velodyne are among the suppliers in attendance.
Lingering challenges are still on the horizon as Chinese regulators pursue Faraday Future's top executive, Jia Yueting, over hundreds of millions in unpaid debt.
More than two years after it first emerged from stealth mode and pitched itself as a "Tesla-killer," Faraday Future is best known not for making high-tech, 1,000-horsepower electric cars. Instead, the unpaid bills, lawsuits, an employee exodus, and public bickering with former executives have defined what had once been a potentially exciting new challenger in the race to build the next great electric-car company.
Faraday Future's top backer, Jia Yueting, drew his line in the sand early, in spring 2016, when he said "We hope to surpass Tesla and lead the industry leapfrogging to a new age" in an interview with Reuters. He was talking about Faraday Future, just four months after a lackluster debut at the Consumer Electronics Show in Las Vegas. That month, the company had hosted a well-attended ceremonial groundbreaking for its proposed factory in North Las Vegas.See the rest of the story at Business InsiderNOW WATCH: Ken Rogoff on the next financial crisis and the future of bitcoinSee Also:The Air Force's 'rods from god' could hit with the force of a nuclear weapon with no falloutHow long couples in lasting relationships should wait to start having sex, according to scienceA US jet destroyed a Russian-made T-72 battle tank in 'self-defense' in SyriaSEE ALSO: The billionaire who controls electric-car startup Faraday Future is being pursued by another company he founded for billions in unpaid debt
DON'T MISS: Faraday Future, once seen as a 'Tesla-killer,' is said to be in shambles as cash runs low and executives flee
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