The uncertainty surrounding the electric car maker seemingly took a turn for the better with a speculated huge investment for the Indian automotive giant. However, it looks like the deal didn’t happen.
A spokesperson from Tata Motors had this to say, “The news is not true and hence we do not have any comment.” It was previously reported that Tata Motors had bought a 10% stake in the electric car maker startup for USD900 million.
On paper, this would have been a win-win deal for both parties. For Faraday Future, a vital shot in the arm to stay afloat and fund its endeavours. And for Tata Motors, a fast track to future technologies it needs to fight against the competition, especially in the electric vehicle (EV) segment. One of Tata’s subsidiaries, Jaguar Land Rover has announced that all its new models will be full electric or hybrid by 2020.
It’s worth noting that the struggling EV maker has seen a number of its key executives leaving the company, and it has also halted the construction of its USD1 billion factory in Las Vegas.
Faraday Future made its world debut at the CES 2017 with the FF91 SUV. Its first product comes equipped with three electric motors capable of producing 1,050bhp. Also, the company claimed to have a full EV range of over 300 miles per charge. Other features equipped on the new electric car includes a retractable LIDAR system, a smart parking system which is controlled via a smartphone and other class-leading technological advancements.
Source: DNA India