Tag: FF

By on April 30, 2019

Faraday Future FF 91 rear

Faraday Future, the contentious automotive startup that always seems to find (and then lose) sizable amounts of cash, has announced it has once again managed to secure new funding. According to its press release, Faraday says will receive $225 million in bridge financing via a funding round led by Birch Lake Associates.

While the bulk of the cash will go towards paying off vendors, some of which have filed lawsuits, around 40 percent will be left over to help get the FF91 to market and prove the company can actually build a car. The strategy seems risky, but it may be Faraday’s best bet at this point.  (Read More…)

By on April 7, 2019

Faraday Future is my favorite automaker and it’s not because they build the best cars. With the exception of a few prototypes of the FF91, Faraday hasn’t really built much of anything. But I’ve become enamored with the story of a mysterious automotive company, funded by a controversial Chinese backer, that continues to defy the odds by just surviving — despite a long history of ridiculous mistakes, financial shortfalls, and missed production targets. For me, its been a suitable substitute for soap operas.

The last time we checked in on Faraday, it had just broken ties with its savior-turned-destructor Evergrande.  The company announced in January that it had agreed to restructure its $2 billion investment in FF and that both parties had acquiesced to drop all litigation against each other. Now Faraday is back with a new joint partnership and a new model — a minivan straight out of a late 20th century sci-fi flick.  (Read More…)

By on March 27, 2019

With Faraday Future and Evergrande Health having officially settled their bitter legal dispute late last year, the once-again independent automaker could finally get back to hunting for new investors. Despite Faraday’s entire existence being overshadowed by financial missteps and bizarre business dealings (resulting in an inability to deliver product), it’s extremely good at scrounging up funds. Breaking ties with its primary financial partner might have seemed like bad news, especially after so many near-death experiences, but this is where the company shines the brightest.

On Sunday, Faraday Future signed into a 50-50 partnership with Shanghai-based internet gaming operator The9 — which amassed its fortune after gaining exclusive licensing rights to operate and distribute the extremely popular World of Warcraft in China. Faraday said the deal marks the first step in its plan to officially launch its dual-home-market strategy in both China and the United States.  (Read More…)

By on January 2, 2019

ff91

Faraday Future, the Chino-American EV developer that’s always in dutch, said Monday it has established and signed a new restructuring agreement with its main investor, Evergrande Health Industry Group Ltd. The deal concludes a rather ugly legal dispute between the two — one which placed Faraday’s intellectual property and finances in serious jeopardy.

Following the departure of co-founder Nick Sampson in November, the automaker found itself seeking new financing opportunities. Evergrande, which purchased a majority take in the EV firm via its summer acquisition of Season Smart, attempted to block new investments while Faraday accused the company of attempting a forcible takeover of the automaker by withholding funds earmarked for outstanding debts. Those funds were essential in helping it reach agreed-upon production targets.  (Read More…)

By on November 4, 2018

ff91

Faraday Future’s path to glory has been complicated to say the least. A series of ludicrously ambitious moves have been plighted with failure, followed by renewed hopes that were ultimately dashed. Incredibly, the aspiring automaker still exists and intends to begin production of its first electric vehicle once its money troubles are over.

Unfortunately, the company is currently engaged in a bitter legal battle with its biggest investor, China’s Evergrande Group, after a planned $2 billion investment went south. The reasons as to why are as foggy as the memory of a heavy drinker but Faraday wanted to trudge onward anyway. Initially, that seemed impossible — especially considering Evergrande held the ability to block any additional investments into the company. However, an interim ruling by a Hong Kong arbitration court has granted Faraday relief to seek financing without approval.  (Read More…)

By on October 31, 2018

Faraday Future FF 91 rear

Faraday Future co-founder Nick Sampson has quit his executive post as the aspiring automaker continues struggling with finance issues relating to its latest financial backer and China’s second-largest real estate developer, Evergrande Group.

That leaves CEO Jia Yueting as the company’s only founding executive left on staff. But it would appear he might also leave, albeit under duress, if Faraday’s largest shareholder gets its way. While it’s not obvious exactly who shot first, the electric vehicle firm and Evergrande are at each other’s throats — ruining a $2 billion deal that was supposed to save the company and get its ambitious debut model, the FF 91, into production. Apparently, it was all too much for Sampson. (Read More…)

By on October 22, 2018

Faraday Future FF 91 profile

Following a previous article about Faraday Future, the manufacturer reached out to yours truly to clarify a few things. First of all, the company deemed the headline and body a bit “jagged.” Understandable, as no manufacturer wants to be called “America’s Worst Automaker” by some bespectacled creep sitting behind a keyboard. Faraday’s spokesperson also noted that deliveries would not begin in December and that the vehicle fire we referenced was a “minor incident” involving a pre-production model undergoing testing at the firm’s Hanford manufacturing facility.

Actually, that makes things sound a little worse than initially reported, as it appears the company doesn’t have a production date anymore. But I will acquiesce that I could have been clearer with that’s going on with its new financial backer, Evergrande. The pair have been at each other’s throats over money for a while, which is important because the spat is now costing people their jobs. We really need to get into the nitty gritty as to why.  (Read More…)

By on October 12, 2018

Faraday Future FF 91

Faraday Future’s summer fling with Chinese real estate group Evergrande, which invested $800 million into the company last June, appears to be over. The “automaker” is allegedly trying to back out of its arrangement after its CEO and founder, Jia Yueting, requested an additional $700 million in funding. The official deal calls for another $1.2 billion over the next two years.

Faraday has a real knack for screwing over anyone who lends it any kind of financial help, and it looks like its biggest investor doesn’t want to get burned. As a result, the carmaker wants out and Jia has begun seeking arbitration to abandon the sale.

So far as we know, Evergrande stipulated that the company had to hand over its intellectual property and begin mass production of the FF91 before year’s end — otherwise Jia will be ousted as CEO. Officially, Faraday says it’s on track for December deliveries, but all we’ve actually seen are a few side panels being passed around by robots and one completed shell. Meanwhile, the manufacturer’s only completed pre-production prototype was reported to have caught fire last month, following an event where it was shown to employees and their families. (Read More…)

By on August 14, 2018

Faraday Future FF 91

Evergrande Health Industry Group Ltd, which owns a 45 percent stake in U.S.-based Faraday Future, said Tuesday that the electric vehicle startup has officially moved its headquarters to China. The group claims Faraday now plans on building five R&D and production facilities across the country over the next decade.

The intended goal is to have the startup reach an annual production capacity of 5 million vehicles within 10 years and launch multiple “premium to entry-level segments for the global auto market, to build an internet-based intelligent mobility ecosystem,” Evergrande said.

It sounds a little premature for a company that managed to evade certain death by the skin of its teeth — and only just snagged a manufacturing facility — a few months ago.
(Read More…)

By on January 2, 2018

LeSee LeEco Jia Yueting

Founder of the debt-laden technology firm LeEco has shirked orders from Chinese authorities to return to the country before the end of 2017, saying he needed to stay within the United States to fundraise for Faraday Future. Last week, the Beijing branch of the China Securities Regulatory Commission issued a notice ordering Jia Yueting to return to China to face the staggering debt attached to his various businesses and protect investors’ rights.

However, he claims he’s making too much headway with efforts to keep electric vehicle startup Faraday Future from sinking deeper into the toilet to head back to China. Instead, he has requested that his brother, Jia Yuemin, meet the regulator face-to-face last Friday to provide a report in response to the notice.  (Read More…)

By on December 19, 2017

Faraday Future FF 91 profile

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. (Read More…)

By on September 22, 2017

faraday future groundbreak

The honeymoon is over before it even began. The State of Nevada is ending its relationship with automaker Faraday Future, which once promised to build a vast and glorious manufacturing facility within its borders — in exchange for tax incentives.

Eschewing construction of its $1 billion promise in North Las Vegas due to financial woes, Faraday was insistent that it was going to begin construction on a smaller assembly plant before tackling the rest of the build site. According to the company, a bijou factory was to be the first phase of a multi-stage approach intended to bring the FF 91 swiftly to market.

In July, Faraday Future announced it would be placing that project on hold as well, but remained committed to using the Nevada site for long-term vehicle manufacturing. Until then, it said it would shift its business strategy “to position the company as the leader in user-ship personal mobility — a vehicle usage model that reimagines the way users access mobility.” If anyone knows what that gibberish means, we’d love to know. It’s been several months and we still can’t decipher that sentence into useful information.  (Read More…)

By on July 12, 2017

ff_91_exterior_8

Faraday Future, the American electric vehicle startup backed by LeEco founder Jia Yueting, has abandoned plans to construct its now infamous $1 billion factory in Nevada due to severe financial woes. It’s another nail in Faraday’s coffin as the firm was claiming it would resume construction of the plant less than six months ago.

Work at the North Las Vegas site stalled in 2016 after repeated nonpayment to the construction firm and numerous suppliers.

It’s become a bit of a running gag, as Jia has begun pleading with literally anyone who will listen to give his automotive endeavors more time to pay up. Last week on Weibo, China’s biggest social-media site, Jia publicly promised to repay his debts as he committed himself his electric car businesses. He then resigned as chairman.

“Please give LeEco some time, please give LeEco car some time,” Jia wrote, admitting he had made financial errors in the past. “We will pay back creditors, suppliers and any other debts.”  (Read More…)

By on May 10, 2017

ff91

We’re not going to recap all of Faraday Future’s staffing issues, financial hurdles, or uncouth business practices. If you’ve visited this website within the last year, you already know the company has some serious problems to overcome.

Despite these hardships, Faraday remains convinced it’ll resume construction at its stalled factory site in Nevada and someday bring the FF91 to market. However, we haven’t seen much of the EV since the debut of the beta version at CES in January — and it was beginning to look like we never would.

Then, without much fanfare, a video of the electric crossover surfaced on the company’s YouTube page on Monday. The new video shows a decidedly less beta-looking vehicle than Faraday has previewed in the past. That doesn’t mean this is a production car, but it does seem to show what one might look like if FF can weather the storm.  (Read More…)

By on February 7, 2017

Faraday Future FF 91 rear

Faraday Future’s preeminence in bad publicity has been unsurpassed as of late. It has amassed legal disputes almost as fast as I can report them, so another lawsuit might seem par for the course — until you realize it’s for an almost trifling amount over a mismanaged squabble surrounding the company’s domain name.

A complaint was filed against the automotive startup in San Francisco County Superior Court on November 18th of last year by a business acting as a broker for obtaining the company’s current domain name. The document outlines a $210,000 claim against Faraday for neglecting to remunerate Domains Cable for services that resulted in the acquisition of FF.com.  (Read More…)

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