Detroit Bureau on Twitter

Posts Tagged ‘faraday news’

Faraday Future Furloughs More Employees

Company blaming Chinese investor for woes.

by Michael Strong on Dec.05, 2018

A large portion of Faraday's workers have been furloughed, those remaining taking pay cuts.

After a lengthy silence, financially challenged EV maker Faraday Future issued a tweet reconfirming its commitment to build its FF 91 model, while warning if an infusion of cash doesn’t arrive soon that could change. The company noted a round of layoffs are on tap as well.

In mid-November, the company was assumed dead before some churn at the top of the company’s management structure lead to founder Nick Sampson departing the company and the new leadership team announcing the company would come back.

Dig Deeper!

Today’s Twitter missive laid the blame for their current financial issues squarely at the feet of Chinese investment firm, Evergrande Health. (more…)

Faraday Future Insists it Isn’t Going Away

New plan calls for leaner management, second product, even an IPO – if it can stay in business long enough.

by Paul A. Eisenstein on Nov.14, 2018

In better days: Jia Yueting and Nick Sampson, helped unveil the FF91 at the 2016 CES.

Only a matter of weeks ago, battery-carmaker Faraday Future seemed ready to turn out the lights, co-founder Nick Sampson resigning and then declaring in a blog post that the company was “effectively insolvent.” But, despite a seemingly endless series of crises, including one that forced it to cancel a planned assembly plant in Nevada, Faraday’s new management team continue to project a surprisingly bullish take on their future.

Late Tuesday, in fact, the California-based company released a statement outlining its plans for the future, which included a new, “lean management” structure, and “fortified product plans” that not only include the original FF91 supercar but a second, more mainstream crossover.

Breaking News!

Of course, there is the minor issue of finding the necessary cash. Faraday’s latest crisis was kicked off when China’s Evergrande Health Industry Group backed out of a deal that was supposed to generate as much as $2 billion in capital. For the moment, the automaker says it is on the hunt for $500 million to get it back on track.

(more…)

Faraday Fritters Away Funding, Future Fading Fast — Again

Company not paying vendors while fighting with investor.

by Michael Strong on Oct.08, 2018

More than 300 Faraday workers gathered at the plant last weekend to help clean it up.

Less than a year after it was rumored to be out of money, budding electric vehicle maker Faraday Future appears to be out of money again — even after getting an $800 million infusion from a Chinese conglomerate.

According to a filing with Hong Kong Stock Exchange, the healthcare division of Chinese real estate group Evergrande is accusing Faraday Future founder and CEO Jia Yueting of trying to back out of the deal the two sides made in January.

News Now!

Evergrande officials claim that Jia blew through the $800 million and wanted another $700 million, and say they will take “all necessary actions” to protect itself and its shareholders. Conversely, Jia claims the company agreed to make two payments and after making the first, is trying to get out of the second, a $700 million payment due in 2019. (more…)

Despite Financial Problems, Faraday Still Set to Debut 1st Model at CES

New teaser offers closer look at what is expected to be EV SUV.

by Paul A. Eisenstein on Dec.08, 2016

Faraday Future plans to go full speed ahead with its new sport-ute concept, which it will show at the upcoming Consumer Electronics Show.

Despite financial problems serious enough to put on hold construction of its new Las Vegas factory, battery-car start-up Faraday Future plans to go ahead with the unveiling of its first production model at the Consumer Electronics Show four weeks from now.

The California-based, Chinese-backed Faraday made its official debut at CES last January, but the exotic sports car it revealed at that splashy Las Vegas event is expected to be replaced by a more conventional-looking electric SUV.

Subscribe Now!

A teaser image released this week by Faraday shows the nose of the production car, appearing to fill in some of the missing details from a short video the company put out in October showing a camouflage SUV blasting around a desert race track. (more…)

Still Secret Apple Car Project Suffers Series of Setbacks

But project moving ahead, says key rival.

by Paul A. Eisenstein on Jan.26, 2016

Apple execs won't confirm their plans but hint of "massive change" coming in the auto industry.

While tech giant Apple isn’t ready to confirm the car project it has reportedly dubbed Project Titan, it has become what one rival calls “an open secret.” But while the program appears to be moving ahead, sources warn that it has suffered a series of unexpected setbacks.

One of the key members of a team now said to number as many as 1,000 employees plans to leave, while another senior Apple exec has expressed his frustration at the progress the program is making, according to reports from Silicon Valley.

Insight!

That said, after touring Silicon Valley this past week, Daimler AG CEO Dieter Zetsche told the German publication Welt am Sonntag he was impressed with what he learned about the car programs at Apple and tech rival Google.

(more…)

Faraday Future Sketches Out Plans for Tomorrow

But start-up leaves plenty of questions unanswered during debut event.

by Paul A. Eisenstein on Jan.05, 2016

The Faraday Future FF Zero1 concept.

A revolution on wheels? That’s what officials from Faraday Future laid out for an audience at the Consumer Electronics Show late Monday as the mysterious, Chinese-funded start-up carmaker finally came out from the shadows.

Launched just 18 months ago, largely with the backing of Chinese billionaire Jia Yueting, Faraday plans to set up a $1 billion assembly plant in North Las Vegas, with the first car set to roll down the line sometime in 2018, R&D chief Nick Sampson confirmed during a high-energy presentation. But the CES debut left plenty of questions unanswered.

The Future is Now!

Among them, what will Faraday build? The California-based carmaker rolled out the FF Zero1, something that lead designer Richard Kim called “a concept of cars,” but it is admittedly nothing more than an “electric dream car,” Kim stressed, rather than something likely to go into production.

(more…)