Faraday Future’s story so far is a fairly sad and interesting one. For the uninformed, Faraday Future, usually known as FF, is an electric car company (yes, like Tesla). The company mysteriously popped up in 2015, hoping to do burst onto the market.
FF claimed they were going to bring a car to market in 2016 with “no internal combustion parts whatsoever,”. They then failed to produce the car for last year’s CES. Instead, they presented everyone with an prototype concept car, along with a VR simulation of said car.
The Tesla competitor then went silent for a bit, but during that time rumors began to boil up. People began to doubt whether the company could actually deliver a product by 2017, but they were just rumors. Then by the last quarter of 2016, problems began to appear for the company.
In October 2016, reports came in that six senior employees had left FF. This was followed by a letter from owner Jia Yueting that said FF had overextended its limited capital and resources. Readers of Gizchina will recognize that name as the owner of LeEco, another company currently undergoing huge monetary problems.
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Faraday Future’s billion dollar factory in Nevada had its construction halted after the company fell behind on payments to the contractor. Towards the end of November, the company faced a string of delays that threatened their plans even further.
Reports poured in about the company supposedly having a debt of $300 million in missed payments for supplies and vendors. Former executives appeared to say that the company is royally ruined. And then just a couple of days ago, Ding Lei, unofficial CEO of FF, stepped down from the company.
This brings us to today. The company is expected to reveal its first production ready car at CES, and it’s not too long before it takes place. With their entire future riding on their launch, will they succeed or will they fail? The company continues to hype up the unveiling on social media, but only time will truly tell.
So, what do you think about the current situation of Faraday Future? Are they going to triumphantly return from this all, or are they going to painfully bite the dust? Tell us your thoughts in the comments below.