(Yicai Global) Dec. 28 -- US-based carmaker Faraday & Future Inc.'s more-than-USD1-billion came from a Hong Kong consortium, a company insider told Yicai Global yesterday.

Faraday Future will use the funds to begin mass production of its all-electric FF91 model. The money will be used to get the first batch of cars onto Chinese and US markets, the source said.

The firm's founder, Jia Yueting, has been embroiled in controversy since his LeEco conglomerate approached rock bottom earlier this year, amassing debts of over CNY20 billion (USD3 billion. He and his companies have been on the receiving end of several lawsuits after missing repayments to an array of lenders, and courts have labeled him a debt defaulter for not repaying debts he can afford to pay.

Nick Sampson, vice president of engineering and research and development at Faraday Future, recently landed in Asia to visit Hong Kong and several cities on the mainland. He will represent Jia, who is residing in the US but was recently summoned by the Chinese securities regulator to return to China, to push production in the country. His specific itinerary is confidential, the source said.

LeEco's China-based carmaker, LeSee, has a factory in Deqing, Zhejiang province, and the US firm may look to manufacture its vehicles there, Securities Times reported on Dec. 25.

Jia backs both carmakers, but they operate independently and share only technology platforms. A former employee at Faraday Future described the company as being a LeEco subsidiary responsible for LeSee's technological development. However, the Chinese firm has been quiet since its former head Ni Kai left earlier this year. Its Deqing plants are currently deserted.