Faraday Future Strikes $2.4 Billion Battery Deal For China’s Tesla Rival

Faraday Future is believed to have struck a $2.4 billion deal with battery supplier LG Chem.

The Korea Herald broke the news but details surrounding the agreement are limited. Strangely, it is suggested that the battery deal won’t see Faraday’s impending models powered by LG Chem batteries and that instead, the firm’s batteries will power China’s answer to the Tesla Model S, the LeEco LeSee.

Importantly, LeEco has raised over $1 billion for Faraday Future and will build its LeSee electric sedan around the same VPA platform that Faraday Future will use.

Consequently, it seems likely that LeEco and Faraday will develop their models alongside each other and down the road, the batteries supplied to LeEco could eventually find their way into Faraday’s products.

LeEco has ambitious plans for its electric sedan. It hopes to build 400,000 units annually and claims that its sedan will be better than the Model S in every area.

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