Lifeboat Foundation

Faraday Future, the fledgling Tesla competitor working to build a $300,000 electric SUV, has been thrown a financial lifeline.

Evergrande Health, a division of a large Hong Kong conglomerate, has committed to invest $2 billion to keep alive the all-electric luxury SUV project, according to a report in TechCrunch.

Faraday Future showed off its ultra-futuristic—and ultra expensive—FF91 electric SUV at the 2017 CES show, but has struggled to bring the car to market.