Faraday Future Claims It Rustled Up $1 Billion in Funding and a New CEO

Matt Posky
by Matt Posky
faraday future claims it rustled up 1 billion in funding and a new ceo

Faraday Future is the real-life equivalent of a franchised movie monster. While not a physical manifestation of evil, destined to rip apart promiscuous teens in increasingly elaborate ways, it does possess the unique ability to keep coming back every time you thought it had finally been destroyed.

Despite having lost a factory in Nevada, a chief financial officer, chief technology officer, lead designer, head of manufacturing, Formula E team, and the public’s trust (you can add bankruptcy rumors to the mix, too), LeEco chairman Jia Yueting now claims the company has suddenly managed to raise $1 billion in funding.

Jason Voorhees, eat your heart out.

Exactly how Faraday procured the capital is a complete mystery. Chinese courts placed Jia on a blacklist of defaulters earlier this month and Stefan Krause, the firm’s former head of finance, had been unable to secure investments prior to leaving the company. It’s believed that Jia’s involvement in the business was the main sticking point for some prospective investors.

Considering that Jia, chairman of parent company LeEco, has also proclaimed himself as Faraday Future’s new CEO, it’s difficult to believe any of those companies would have changed their tune and handed over a billion dollars. Earlier reports of Tata Motors investing $900 million in Faraday Future turned out to be false, so we’re wary of the more recent financial claims. Besides, it’s not as if Faraday has a spotless record when it comes to representing its current monetary situation accurately.

According to Securities Daily and Chinese news outlet The Paper, Jia held an employee meeting in Los Angeles on December 13th — stating that he would helm the company as its chief executive officer and had obtained the money necessary to save the business. “A lot of people told me that you have no money, you can not even support your family and must give up,” he told staff. “But obviously these people do not understand me. Even if it is a failure, I can accept it. But I can not give up, especially not on such a great dream.”

After abandoning the construction of its Nevada factory last summer, Faraday planned to renovate an old plant in Hanford, California. However, journalists from The Paper claimed they recently visited the location — finding only a lone security engineer on site and no production equipment to speak of.

[Image: Faraday Future]

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  • Dukeisduke Dukeisduke on Dec 19, 2017

    From phishing emails?

  • SlowMyke SlowMyke on Dec 20, 2017

    Post-GM Bankruptcy Saab had a better chance at success than this circus. For everyone rushing to call Tesla a purveyor of vaporware, here's the real deal.

  • NormSV650 I had a 2014 Vsport back in the day. It have a quiver feeling over some bumps in turns. Currently have a 2018 CT6 it is very solid and a great driver's car for the size.
  • NormSV650 I had a 2014 Vsport back in the day. It have a quiver feeling over some bumps in turns. Currently have a 2018 CT6 it is very solid and a great driver's car for the size.
  • MaintenanceCosts I saw my first IS500 out in the wild today (a dark-grey-on-black example) and it struck me that it was much more AMG-like than this product. (Great-looking and -sounding car.)
  • ToolGuy https://youtu.be/Jd0io1zktqI
  • Art Vandelay Props for trying something different. EVs should work well in this sort of race. The similar series running ICE run short distances like that