LeEco and Faraday Future are owned by Jia Yueting, though receive unequal funding. FF, based in US, is suffering from shortage of fund. It has thus to delay working on its factory branch in Nevada. On the other hand, LeEco has started its new car factory in China, funded by $3 billion.
These two companies have been mutually collaborating to boost the business of auto-making in China.
The company’s owner told media that he pushed his entire efforts to raise enough money for bringing electric cars to the market. However, no funds so far have been allocated to bring FF on its track, which is technically essential.
Electrek reports that after the resignation of two top officials from FF, due to finance shortage, Jia has virtually taken charge of it. The situation became more difficult when the global CEO, Ding Lei, left the company.
If there is a total shake-up at FF, LeEco is progressing at a good pace. The factory plans to produce both cars and batteries at a rate of 200,000 cars per year with a determination to boost it to 400,000 cars.
Nevertheless, the company has yet to obtain a permit necessary for manufacturing vehicles in China.