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Faraday Future “Effectively Insolvent,” Says Co-Founder

Battery-carmaker confirms second round of job cuts.

by Paul A. Eisenstein on Oct.31, 2018

Nick Sampson, (r), one of the Faraday Future founders, is shown with investor Jia Yueting, (l) at the debut of the FF91 concept in January 2016.

The California-based battery-car company Faraday Future is “effectively insolvent,” according to co-founder Nick Sampson who resigned on Tuesday.

His departure comes as the once-promising company prepares for a second round of mass layoffs, a Faraday spokesman advised TheDetroitBureau.com late Tuesday evening. Faraday had already laid off a sizable number of its approximately 1,300 employees last week as it struggled to find enough cash to continue operating.

Breaking News!

“There is a furlough pending,” said spokesman Jacob Brown, adding that Faraday needs to take “drastic measures, but the executive team wants to keep the company running.”

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Faraday Future Abandons $1 Bil Nevada Plant Project

EV start-up now planning to find alternative production site.

by Paul A. Eisenstein on Jul.11, 2017

Officials dug in at the May 2016 groundbreaking ceremony for what was to be a $1b plant.

Financially struggling battery-electric automaker Faraday Future will cancel plans to build a $1 billion assembly complex in the Nevada desert near Las Vegas, raising further questions about the start-up’s long-term future – and costing about 4,500 planned U.S. jobs.

Construction work at the plant has been on hold since last November and the company has been hit by legal claims from vendors who say they have not been paid. The latest setback comes days after a court in Shanghai reportedly froze some of the assets of Jia Yueting. The tech billionaire has been a key backer of both Faraday and another EV start-up, LeEco.

Come Along for the Ride!

But Faraday officials insist their company will move forward on plans to produce a long-range, high-performance electric vehicle, the FF91, which was unveiled at a splashy news conference in Las Vegas during the Consumer Electronics Show last January.

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