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Faraday Future is trying to raise $1 billion after running into cash issues

The electric car start-up, Faraday Future, is trying to raise $1 billion after running into cash issues.

Once described as potential competition against Tesla, the company has now run into financial problems mostly due to their connection with Chinese billionaire, Jia Yueting.

Yueting, who was traditionally Faraday’s main backer, will no longer be investing in the franchise.

The company has been suffering from cash shortage since late last year, after over expanding.

Faraday has scrapped plans for opening a secondary facility in San Francisco, however they are still planning on opening a facility in Las Vegas.

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