Faraday Future Shaked Hands With LG Chem

Faraday Future is a Chinese-backed, American start-up company that are involved heavily in the developing of electric vehicles. Founded in 2014, the company’s plans are to release their first fully electric vehicle in 2017 and originally led consumers to believe that they would be building all aspects of the vehicle including the battery pack with its Variable Platform Architecture. However, recent leaks have suggested otherwise.

The leak of information comes from one of the largest suppliers of electric car batteries – LG Chem and the information is that Faraday Future have already signed a deal with them that is said to be worth around $2.40 billion. The Korea Herald also reported the news but in a rather convoluted way stating that Faraday Future had signed the contract, but the deal was to supply batteries for LeEco’s LeSee. It is safe to assume that LeEco is involved in the developing of this new vehicle as LeSee has been designed on Faraday Future’s VPA platform.

LeEco are the Chinese company that provides the financial backing for Faraday Future, and earlier this week it was disclosed that it’s just raised $1.08 billion to finance its electric car venture, and this is inclusive of LeSee. LeEco also disclosed details of their planned output of vehicles per year and is estimated to be around 400,000 at the soon to be the factory in China. Meanwhile, Faraday Future is looking to produce around 140,000 per year at the Nevada factory.

More News To Read