Evergrande fetches $860m Faraday Future stake

Jun 26, 2018 • Thierry Heles

Evergrande Health Industry has paid $860m for the 45% stake in Faraday Future owned by Season Smart, as US regulators approve a $2bn total investment.

Evergrande Health Industry, a healthcare subsidiary of property developer China Evergrande, yesterday purchased a 45% stake in US-based electric vehicle developer Faraday Future for $860m.

Founded in 2014, Faraday Future is developing connected, electric cars. The company’s first production vehicle, FF 91, was unveiled in 2017 and will boast features such as autonomous parking capabilities and facial recognition.

Evergrande obtained the stake by acquiring investment firm Season Smart for HK$6.75bn ($860m). Existing Faraday shareholders will retain a 33% stake in…

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