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New Investment Could Boost Troubled Electric Automaker Faraday Future, Hanford Factory

Dec 22, 2017

After a turbulent 2017 electric automaker Faraday Future could get a much needed infusion of around $1 billion, according to a new report from The Verge. The company's top investor, Chinese billionaire Jia Yueting is also now reportedly taking over as CEO of the firm.

The company has faced turmoil over the last four months after it announced plans to build the FF91 sedan at a former tire factory in Hanford. In addition to the departure of top executives, Faraday had faced a cash crisis that according to some reports only left enough money to continue operations through the end of 2017. Reporter Sean O'Kane of The Verge joins us on Valley Edition to talk about the latest investment in the company, the leadership of the company's top investor and Jia Yueting, and what it means for the plan to start building the FF91 in Hanford next year.