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.

  • 28-Cars-Later I'm actually surprised at this and not sure what to make of it. In recent memory Senator Biden has completely ignored an ecological disaster in Ohio, and then ignored a tragic fire in Hawaii until his handlers were goaded in sending him and his visit turned into it's own disaster, but we skipped nap time for this sh!t show? Seriously? We really are through the looking glass now, "votes" no longer matter (Hillary almost won being the worst presidential candidate since 1984 before he claimed the crown) and outside of Corvette nostalgia Joe doesn't care let alone know what day it happens to be. Could they really be afraid of Trump, who AFAIK has planned no appearance or run his mouth on this issue? Just doesn't make sense, granted this is Clown World so maybe its my fault for trying to find sense in a senseless act.
  • Tassos If you only changed your series to the CORRECT "Possibly Collectible, NOT Daily Driver, NOT Used car of the day", it would sound much more accurate AND TRUTHFUL.Now who would collect THIS heap of trash for whatever misguided reason, nostalgia for a much worse automotive era or whatever, is another question.
  • ToolGuy Price dropped $500 overnight. (Wait 10 more days and you might get it for free?)
  • Slavuta Must be all planned. Increase price of cars, urbanize, 15 minutes cities. Be poor, eat bugs
  • Sid SB Not seen a Core without the performance pack yet. Prefer the more understated look of the Core vs the Circuit, but both are great fun to drive.