Hanford Faraday Future financial crisis worsening

Action News has learned more about the local impact of a financial crisis at Faraday Future, the electric car startup based in Southern California.

It appears the financial crisis for the electric car company trying to open a plant in Hanford may be worsening.

According to the online tech publisher "The Verge", Faraday Future was dealt a potentially crippling blow on Thursday.

An arbitrator in Hong Kong that's sorting out the company's fight with its main investor ruled against a motion from Faraday to loosen the grip that the Chinese Real conglomerate Evergrande has on Farday's intellectual property and assets.

So, now without any assets left to offer up as collateral, trying to get a lifeline from a new investor to help the company solve it's cash woes is very difficult.

"The Verge" is also reporting that today's (Friday's) paychecks are the last ones the company can afford.

Faraday Future has repeatedly said it would hire 1,300 people at the Hanford plant, the vast majority of them local.
Related Topics:
businessbusinesseconomyelectric vehiclesHanford
(Copyright ©2018 KFSN-TV. All Rights Reserved.)

More business

More Business

Top Stories
Show More