Faraday Future Seeking $1 Billion

Los Angeles-based electric vehicle maker Faraday Future is looking to raise $1 billion in new capital, as its main backer--billionaire Jia Yueting--apparently has run out of capital to invest in the company, according to a report from Bloomberg today. The report says Faraday Future has been talking with sovereign wealth funds in hopes of raising that billion dollars, as Yueting, the founder of troubled television maker LeEco, has run into a major cash crunch. Yueting reportedly has invested more than $300M in Faraday Future. Faraday Future has been struggling with multiple lawsuits over unpaid bills, recently cancelled plans for a manufacturing plant in California, after halting work on a plant in Las Vegas in November. For its part, Yueting's LeEco is cutting 325 employees--the bulk of its U.S. workforce--in a major retrenchment for the company's expansion into the U.S.