Tata Motors denies investing in Tesla rival Faraday Future

Mumbai based Tata Motors has denied investing US$ 900 million (Rs. 5,800 crore) by buying 10% stake in American electric car start-up Faraday Future, as claimed by certain sections of media. The Chinese consumer electronic giant LeEco backed start up Faraday Future is rumoured to have been valued at US$9 billion and is a rival of premium electric car maker Tesla.

A Tata Motors spokesperson said, ” The news is not true and hence we do not have any comment”

Tata Motors which at present is under the financial turn around plan is investing heavily in the future technologies in order to take on the competition, specially in the electric vehicle (EV) segment. Jaguar Land Rover (JLR) ,a UK based subsidiary of Tata Motors has already announced to build all new models that will be all-electric or hybrid by 2020. Tata Motors also recently won a bid to win huge order from Energy Efficiency Services Ltd (EESL) for supply of electric buses. Future Faraday in recent past has gone through a series of tough times including legal and financial issues.