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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.

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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 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.

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