New reports state that China-based Leshi Holdings, has rounded up $600 million in secured support for Faraday's automotive efforts and parent company LeEco's high-tech business pursuits.
According to Reuters, LeEco has been dealing with a fund shortage due to quick expansion and a myriad of product lines. The company has invested in many technological pursuits, including electric cars (Faraday Future), smartphones, and TVs. CEO Jia Yueting communicated the cash problem to employees recently in the form of a letter.
There has been much speculation as to whether or not Faraday Future will be able to follow through with its factory and other planned expansions. Some believe that, despite the company's touted concept car, and the more recent "unveiling" of the supposed "actual car", a mass-produced Faraday Future vehicle may not come to fruition.