If media reports are to be believed then the India-based parent company of Jaguar Land Rover, Tata Motors has reportedly bought 10 per cent of the troubled American electric car company Faraday Future. Chinese automotive news portal Gasgoo claims that US-based Faraday Future is worth $9.0 billion and Tata Motors’ investment is worth US$900 million.
With future electrification and hybridisation in mind, Jaguar Land Rover is investing heavily in the development of such technology. In this respect, the Faraday deal could give Tata Motors and JLR access to Faraday Future’s advanced technology applications which include the high-tech connectivity systems developed by Chinese financial partner and electronics specialist LeEco.
Faraday Future has been in the news lately due to some management disputes. Two ex-BMW managers who worked for Faraday – chief financial officer Stefan Krause resigned in October and chief technology officer Ulrich Kranz’s contract was terminated. Meanwhile, the company has received more than 64,000 orders for its first model, the FF 91, a Tesla Model S rival. The FF 91 is powered by a 130KW/h battery and uses Faraday Future’s patented Echelon Inverter, which it says can transform more energy while using less space. Faraday Future says it predicts the car will offer a range of more than 700km in New European Driving Cycle (NEDC) tests.