It would be fair to say that Faraday Future is not a thriving company, and just when it didn’t seem like things could get worse for the beleaguered EV startup, a Chinese arbitrator has ruled against allowing FF to more easily seek outside funding, according to The Verge.
If you’re a little lost after that, we’ll catch you up. Earlier this year, Faraday Future worked out a deal for funding with a Chinese company called Evergrande that essentially sold FF’s intellectual property rights in exchange for $2 billion. Part of this deal stated that Evergrande would make a $700 million payment ahead of its principal investment, which it missed. Faraday CEO Jia Yueting then sought to block Evergrande’s rights as a stakeholder for having missed the payment, which landed the companies in arbitration.