(Yicai Global) June 1 -- Faraday Future, US electric car venture of the embattled Chinese entrepreneur Jia Yueting, got the green light from a city in California to build a factory for electric cars.
The city of Hanford issued a construction permit to the green energy vehicle firm, reported the local government on its website, which marks the second time Faraday attempts to build such a factory in the US.
Faraday has been struggling to raise capital to build its FF91 electric vehicle. The Los Angeles-based firm scrapped plans for a USD1 billion factory in Nevada last year due to lack of funds after hundreds of billions of capital from parent tech company LeEco got frozen.
Jia Yueting, Faraday's chief executive and former chairman at Leshi International and Information Technology, has been living in exile from the Chinese mainland after racking up billions in debt while over-stretching in his efforts to make the tech conglomerate a preeminent brand across a multitude of platforms.
We are shocked to see the tremendous progress of Faraday Future and excited about what is yet to come, said Hanford government on its website.
China's third richest person Xu Jiayin, chairman of the second-biggest domestic property developer China Evergrande Group, invested in Faraday in April, while sending the shares on an upward swing.
Editor: Emmi Laine