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 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 June 7, 2018

Honda Urban EV Concept unveiled at the Frankfurt Motor Show - Image: Honda UK

Not if you’re planning on leasing a Clarity Electric, of course, though future iterations of Honda’s greenest model could use what General Motors is pushing. Which is: a far more energy dense battery.

On Thursday, the two automakers announced a partnership to develop smaller, longer-ranged batteries for use in electric vehicles, primarily those sold in North America. Once the two achieve a breakthrough, GM will become Honda’s supplier. (Read More…)

By on January 10, 2018

2016 Mazda CX9 rear - Image: Mazda

It looks like Alabama has won out over North Carolina in the battle to secure a massive, $1.6 billion joint assembly plant. The factory, a partnership between Toyota and Mazda (which, as of last summer, Toyota owns a 5 percent stake in), is reportedly headed to Huntsville, Alabama, and should give the smaller automaker the American capacity it needs to boost crossover sales.

Sources tell Reuters that company officials and government representatives will make an announcement today at the future factory site. Not only does the new plant herald lots of new jobs, it also means a new model. (Read More…)

By on May 12, 2016

Carlos Ghosn speaks -01. Picture courtesy Bertel Schmitt

Yesterday’s vague Japanese media reports proved right this morning, as Nissan Motor Co. announced it will purchase a 34 percent controlling stake in scandal-plagued Mitsubishi Motors.

Taking advantage of Mitsubishi’s reduced market value following the company’s admission of cheating on Japanese fuel economy tests, Nissan’s 237 billion yen ($2.2 billion) bulk buy of shares makes it the automaker’s largest shareholder.

It’s a big win for Nissan, which can take credit for exposing the gas mileage scandal less than a month ago. (Read More…)

By on May 6, 2016

marchionne

Fiat-Chrysler CEO Sergio Marchionne can see a beautiful future with partner Google, but there’s plenty of fish in the sea, you know.

Speaking in Windsor, Ontario, where Chrysler Pacifica minivan production recently kicked off, Marchionne called FCA’s Google fling the “first phase” of their relationship, but admits to wanting to keep his options open, Automotive News reports. (Read More…)

By on July 23, 2014

Mercedes Blue Efficiency

While Japanese and Korean automakers like Toyota and Hyundai are jumping into the hydrogen game, Daimler plans to begin its own journey in 2017.

(Read More…)

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