Sentences with phrase «struggling electric car startup»
Struggling electric car startup Faraday Future entered one of the fastest - growing world championships in racing — Formula E — through a partnership with Dragon Racing last season.
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If true, though, it would mean Faraday — which has had notable struggles to even finish the design of its first car, despite having spent hundreds of millions of dollars so far — managed to raise nearly as much as electric car startup NIO reportedly netted in a recent round of fundraising.
The Chinese - backed electric vehicle startup NIO raised more than $ 1 billion in its latest fundraising round, Reuters reported on Wednesday, breaking away from a crowded field of young Chinese - funded car firms who've notably struggled to raise money for their own ambitious endeavors.
Chinese - backed electric car startups in the U.S. — namely, Faraday Future and Lucid Motors — have struggled to get their projects up and running on the schedules they project, mostly due to fundraising delays.