Faraday plans to raise $1 billion, reports Bloomberg, and is targetting sovereign wealth funds.

The company built what it claims is the world’s fastest EV – the 1050 hp FF91.

Faraday is building a car plant in Nevada but there are reports of unpaid contractors and affected construction plans.

Jia, who has put $300 million of his own money into Faraday, is not expected to be investing any more.

Faraday is currently looking for a CEO and says it will appoint one this month.