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]
A staunch consumer advocate tracking industry trends and regulation. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied with the corporate world and resentful of having to wear suits everyday, he pivoted to writing about cars. Since then, that man has become an ardent supporter of the right-to-repair movement, been interviewed on the auto industry by national radio broadcasts, driven more rental cars than anyone ever should, participated in amateur rallying events, and received the requisite minimum training as sanctioned by the SCCA. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and managed to get a pizza delivery job before he was legally eligible. He later found himself driving box trucks through Manhattan, guaranteeing future sympathy for actual truckers. He continues to conduct research pertaining to the automotive sector as an independent contractor and has since moved back to his native Michigan, closer to where the cars are born. A contrarian, Matt claims to prefer understeer — stating that front and all-wheel drive vehicles cater best to his driving style.
More by Matt Posky
Comments
Join the conversation
From phishing emails?
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.