Tuesday, January 2, 2018

Faraday Future's Founder Defies China, Stays In US

The founder and main backer of troubled electric car maker Faraday Future, Jia Yueting--who is also CEO of China's LeEco--says he will not return to China, despite an order from China's Securities Regulatory Commission (CSRC) to answer questions over LeEco's finances in that country. According to Yueting, he is focused on fundraising for Faraday Future in the United States, saying the fundraising effort is "making significant progress". The CSRC is China's equivalent of the SEC. LeEco is facing a major investigation into its finances after plunging more than $1.54 billion into debt.