Earlier this week, reports claimed that Tata Motors was investing $900 million in Faraday Future. Now, another article says Tata has denied making such a deal with the troubled EV maker.
When asked about making an investment in Faraday Future, a Tata spokesperson told India’s Daily News and Analysis, “The news is not true and hence we do not have any comment.”
Gasgoo, a Chinese outlet, reported on the alleged investment on Monday. The site claimed Faraday Future is worth $9 billion, and that Tata would purchase 10 percent of the EV startup.
Tata Motors is the parent company of Jaguar Land Rover. As Autocar pointed out, JLR could benefit from Tata bringing Faraday Future into its stable. The British marque could gain access to Faraday Future’s unique technology, including connectivity systems developed with Chinese financial partner and LeEco. We’ve reported that Jaguar Land Rover itself is looking to purchase another brand, possibly one that could give it an advantage in the EV space.
Faraday Future has been working to raise money for months now. Given its financial struggles, staff departures, and its decision to abandon its billion-dollar factory in Nevada, it looks like Faraday Future could really use an investment soon.
We reached out to Tata for comment and will update this post if we hear back.
Source: Daily News and Analysis
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