Faraday Future's Chinese Sugar Daddy is Selling Land to Improve Its Crippling Financial Woes

Faraday Future is more of an automotive marketing company than it is an automaker. The company has been making unsubstantiated promises and ignoring its fiscal woes without giving much assurance that it will ever bring a production car — or assembly plant — into the real world. Problems have continued to mount and, like any deeply rooted zit, the situation is gradually coming to a head.

This month, Nevada State Treasurer Dan Schwartz demanded that the Governor’s Office of Economic Development conduct an audit of Faraday — throwing in Tesla for good measure. Schwartz has been critical of FF ever since it received government money to help build its factory, only to see work on the facility stalled due to nonpayment last fall. Faraday has since scaled back its construction plans, claiming that it was necessary to ensure production begins on schedule.

Now, FF’s primary backer, LeEco, is selling a 49-acre Silicon Valley property less than a year after purchasing it from Yahoo Inc. This comes after the company’s founder and CEO, Jia Yueting, explained to employees in November that LeEco was facing devastating financial issues stemming from its uncontrolled expansion.

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  • Sayahh Story idea or car design competition: design a compact sedan, a midsize sedan, coupe and/or wagon specifically for people 6'4" through 7'2". Not an SUV nor a crossover nor a raised chassis like the US Toyota Crown or Subaru Outback.
  • Sayahh I only check map app only when absolutely necessary and only at a red light. An observation: lots of ppl leave 2 car lengths (or more) between themselves and the car ahead of theirs so that they can text or check the internet (because they are afraid they might roll forward and hit the car in front of them?) This drives me crazy because many ppl do it and 3 cars will take up almost 7 car lengths and ppl cannot get into the left turn lane when it's bordered by a cement "curb." Worse is when they aren't even using their phone and have both hands on the stewring wheel and waiting for the green light. Half a car length is enough, people. Even one car length is too much, but 3 or 4 car lengths? At 40 MPH, maybe, not at 0 MPH please.
  • 6-speed Pomodoro My phone never leaves my pocket while driving. This is fine in my daily with bluetooth and also fine in my classic car, but people get mad in a hurry that I'm ignoring them.
  • BklynPete Maverick has had recalls but overall seems reliable. Consumer Reports recommends it for whatever that's worth, buyers think they're better than sliced bread, they're sold out, and look like a long-term success.I suppose you're right that DCT can be laid at Mulally's feet too but as COO Fields was in charge of product. When he got Mulally's job, Fields brought back mgmt siloes and lost shareholder value. Maybe Fields took the fall for other's bad decisions. But ultimately as CEO the axe had to land on him. I cannot believe that Farley won't meet the same fate if 2023 warranty claims make Ford lose money again.
  • Inside Looking Out All that is BS. Nissan just tries to buy time. By 2028 every Tesla will have fusion reactor under the hood. Commercial fusion reactor is under development as we speak 5 miles away from my home in Sandia labs in Livermore.