Faraday Future dealt potentially crippling blow while almost out of cash

Struggling California EV startup Faraday Future was dealt a potentially crippling blow on Thursday, according to a press release from its main investor and confirmed by a person familiar with the matter. The arbitrator in Hong Kong that’s sorting out the company’s fight with its main investor ruled against a motion from Faraday Future to loosen the grip that the backer, Chinese real estate conglomerate Evergrande, has on the startup’s intellectual property and assets.

Faraday Future was seeking this specific relief from the arbitrator because the company believed it would enhance the chances of receiving a lifeline from a new investor, according to the person familiar with the matter. But without any assets left to offer up as…

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