By on August 7, 2020

One of the strangest anomalies in the automotive industry is the way electric vehicle startups (like technology companies in general) seem to draw limitless support from investors while established automakers don’t receive nearly the same kind of love  even when transitioning toward EVs.

There’s a logic behind this, however. Green tech is overwhelmingly trendy at the moment, even if some of it lacks a comprehensive game plan to actually save the environment, and financial backers are always looking to get in on the next big thing before anybody else  resulting in scattershot investing that sometimes coalesces into a major victory for new firms possessing sufficient moxie.

But it hasn’t helped the auto industry’s largest players, who are seen as dinosaurs using the blood of their forebears to amass their fortunes. They lack the presumed purity of brands like Tesla or Nikola (clever name), even though their financial goals seem largely the same.

A potential solution to this problem is to distance tech-focused entities from the core business. (Read More…)

By on July 31, 2018

Take the following information with a golf ball-sized grain of salt. Faraday Future, the automotive startup that’s been teetering on the verge of collapse for years, says deliveries of the FF 91 will begin in December. Despite being ghost-funded by a Chinese billionaire who’s been blacklisted due to unpaid debts, losing a factory deal with the State of Nevada, witnessing a mass exodus of its staff, and accumulating heaps of debt, Faraday claims it’s ready to move forward with assembly.

You’ll have to excuse the skepticism. But the brand has burned us in the past — delivering an ambitious but incomplete prototype, loads of hype, and little else.

Saying that production is an assurance with no request for additional investment is like getting an email from a Nigerian prince who just wants you to know that he’s good on the money front and wishes you well.  (Read More…)

By on November 13, 2017

Faraday Future has issued a strange response to the criticism surrounding its most recent high-profile “staffing adjustment.” Last week, news broke that the startup automaker’s chief financial officer, Stefan Krause, left the firm in October — forcing media outlets to play catch up. When the information made its way to The Truth About Cars, we dug back into Faraday’s current condition and reported that things were still a mess at its California headquarters.

Unwilling to let the automotive media monopolize the conversation, Faraday released a response letter. In it, the company accuses Krause of being fired for “dereliction of duty” and said it would be taking legal action against him. It’s the first time the startup had updated its media page in months and is a peculiar reaction to a staffing change that, at the time, seemed like the least of Faraday’s worries. (Read More…)

By on November 10, 2017

It’s been a while since we’ve discussed the ongoing plight of Faraday Future. While most of this year — and all of the last — was riddled with missteps from the automotive startup, we’ve taken a break from reporting on it. That wasn’t because its situation had improved, however. Oh boy, is that ever not the case.

Earlier this month, details emerged that the business was preparing to file for bankruptcy, followed immediately by the firm denying the validity of those claims. Then, news broke that Faraday’s chief financial officer, Stefan Krause, had quietly resigned in October — despite having been hired specifically to solve the company’s financial troubles back in March.

This got us wondering as to exactly how much more can go wrong before Faraday Future finally throws in the towel. (Read More…)

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