November 1, 2018 / 10:42 PM / 20 days ago

Ailing EV maker Faraday Future to explore strategic options

(Reuters) - Faraday Future said on Thursday it was exploring strategic options, including debt and equity financing, two days after the Chinese electric vehicle developer’s co-founder Nick Sampson stepped down.

The company said it “can now welcome potential investors from around the world”.

The move comes as the cash-strapped company, which has ambitions to overtake Tesla (TSLA.O), is embroiled in a bitter legal fight with its main investor, China’s Evergrande Health Industry Group Ltd (0708.HK), after a planned $2 billion investment went sour.

Last week, Faraday Future got relief to seek financing from sources other than Evergrande Health, according to a interim ruling by a Hong Kong arbitration court.

Faraday Future has retained Stifel, Nicolaus & Co as its financial adviser.

Reporting by Soundarya J in Bengaluru; Editing by Shounak Dasgupta

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