Most of the money will be used for product development.
It is the latest in a series of investments Bitauto has raised from three of China's biggest technology companies.
"A car business is the world's toughest business to start."
Other potential bidders include Peugeot maker PSA , Suzuki and Renault SA.
Faraday will build a much smaller auto assembly facility than originally planned in North Las Vegas.
Singulato's fundraising follows an around $1 billion financing deal for another Chinese EV start-up WM Motor, again largely involving a municipal gove
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