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  Topic Review (Newest First)
01-02-2018 09:14 PM
Re: who the heck is (*WAS*) Faraday?

mainly for the foto...
Faraday Future CEO Defies Order to Return to China
- Matt Posky - January 2, 2018

Founder of the debt-laden technology firm LeEco has shirked orders from Chinese authorities to return to the country before the end of 2017, saying he needed to stay within the United States to fundraise for Faraday Future. Last week, the Beijing branch of the China Securities Regulatory Commission issued a notice ordering Jia Yueting to return to China to face the staggering debt attached to his various businesses and protect investors’ rights.

However, he claims he’s making too much headway with efforts to keep electric vehicle startup Faraday Future from sinking deeper into the toilet to head back to China. Instead, he has requested that his brother, Jia Yuemin, meet the regulator face-to-face last Friday to provide a report in response to the notice.

“I am deeply sorry and blame myself for the negative impact of LeEco’s debt crisis,” Reuters reported Jia Yueting as saying on his official WeChat account on Tuesday. “The fundraising for Faraday Future in the United States is making significant progress and there are many tasks I need to push forward in order to ensure the production and timely delivery of the FF91.”

Still, Faraday’s ability to bring its much-hyped EV to market continues to look less and less likely. The company’s financial issues are well-documented and nothing but Jia’s promises have offered any indication that the situation might be improving. LeEco previously worked jointly on an electric vehicle with FF. But its own explosive expansion into everything high-tech is the primary reason for its defaulting on payments. At its peak, LeEco owed creditors around 10 billion yuan — or $1.54 billion.

Likewise, Faraday Future also had numerous debts that went unsettled last year. This has resulted in the firm scaling back its production efforts immensely, despite big promises made in 2016. Jia has since assured the public that the capital necessary to save the automaker is all but secured.

He also points to a single late payment in July as the impetus of LeEco’s cash-flow problems, suggesting it led to the freezing of his assets and prompted a barrage of early loan recoveries. He said “false and malicious” reports have impacted the business as well. Jia was placed on an official blacklist of debt defaulters in early December, a move taken by the Chinese courts to pressure people and entities to repay outstanding debts.
12-03-2017 02:25 AM
Fara day OVER? ...MotorTrend

The news continues to get worse for Faraday Future

Back in October, we reported that Tom Wessner, Faraday Future’s head of supply chain management, had resigned from the EV startup. He followed Alan Cherry, the company’s head of human resources, who chose to leave the startup two months earlier. Today, we learned that Richard Kim, Faraday Future’s head of design, has also resigned.

The Verge reports that Kim submitted his resignation on Tuesday of this week and that as of today, he is no longer with the company. “Richard gave his heart and soul to that company, and he tried to make it work. He’s been considering leaving for two to three months,” a former employee told The Verge. Before taking the job at FF, Kim worked at BMW, where he was responsible for the design of the i8 concept, the i3, and the X1.

With Kim gone, that means of the five founding executives, only Nick Sampson, the head of research and development, and Dag Reckhorn, the head of manufacturing, are still at the company. Stefan Krause, the company’s chief financial officer, and Ulrich Kranz, the chief technical officer, also recently resigned.

As you can imagine, losing that many executives in such a short period of time can’t be good for company morale. When Wessner resigned in October, one employee told The Verge, “Morale is tanked. No one is in the office ever. They keep bringing in investors, but no one invests. [The] company is a sinking ship.”

Based on an email sent by Allan Lu, FF’s new head of go-to-market operations, and obtained by The Verge, things have only gotten worse since then. Lu reportedly wrote that “only 2 people were in office” when Jia Yueting, the company’s acting CEO, showed up for a meeting with potential investors.

“I would like to make it clear that we will be on time to the work starting from 9:00 am every day and closing of business by 6:00 pm ,unless you have your managers [sic] pre-approval for late come or early leave,” he continued, claiming the company is “very close obtaining investment.”

Assuming this information is all accurate, you have to wonder how much longer Faraday Future can stay in business.

Source: The Verge
11-14-2017 07:00 PM
Re: who the heck is (*WAS*) Faraday?

I'm rooting for FF - but mostly because their production car resembles a wagon (I know it is not). I am all for an electric wagon.
11-14-2017 05:41 PM
the "Once and Future"...FaradayFuture?

apologies to T.H.White .../... what a diff a few days-daze make?

Faraday Future preparing for bankruptcy?
- Justin King - November 9, 2017

Alleged leaked documents claim the company has been preparing to go bankrupt while attempting to attract more investors...

- - - - - - -

Faraday Future Loses FIVE Senior Executives
| Brad Anderson | Nov 13, 2017

downright CARELESS if ya ask me ...apologies to Oscar Wilde/"The Importance of Being Earnest"

- - - - - - - if YOU had $900million, would you call yourself a Billionaire??

Did Tata just buy a $900M stake in Faraday Future?
- Viknesh Vijayenthiran - 13 hours ago

Faraday Future may have just been thrown a life line in the form of a $900 million investment by Indian automaker Tata.

Chinese automotive news aggregator Gasgoo claims media sources in China are reporting that the $900 million is for a 10 percent stake in Faraday Future, thus valuing the electric car startup at $9 billion.

While it may seem like Tata is getting the short end of the stick, the deal, if real, will likely give the Indian automaker access to Faraday Future’s electric car technology.

Faraday Future’s been in the headlines a lot lately, though for all the wrong reasons.

The electric car startup has been stumbling since about May when it was revealed the company was looking to raise $1 billion after main backer Jia Yueting, the CEO and founder of Chinese tech giant LeEco, came out with the statement he was experiencing a cash crunch due to too rapid expansion of his various ventures.

Faraday Future wasn’t spared and by July work on its planned $1 billion plant in Nevada had come to a stop. Fortunately, Faraday Future in August was able to secure an existing plant in California so that it could get its first model, the FF 91, into production sooner than if it waited for the Nevada plant to come online. The Nevada plant is still the long-term goal, though, as the Californian plant only supports small-scale production.

And Faraday Future’s troubles don’t end there. The company on November 10 said it fired Chief Financial Officer Stefan Krause and Chief Technology Officer Ulrich Kranz, both of them former senior executives at BMW.

In a statement, Faraday Future said Krause had been fired as a result of his actions in hindering the company’s fundraising efforts, which Faraday Future says included the "possible violation of law." Faraday Future also said it is taking legal actions as a result of Krause's actions.

Krause on November 13 replied with his own statement, claiming Faraday Future’s comments falsely described his departure from the company and could be construed as defamatory.

“The company's statement inaccurately portrays the circumstances surrounding my departure, and includes baseless and defamatory statements about me and my contributions to the company,” Krause said in his statement. “I have retained legal counsel and will be exploring all options available to me.”

No reason for Kranz’s termination has been given.

As for when we might actually see a car in production, Faraday Future says it is in the process of clearing out its Californian plant, which is located in Hanford. The company expects significant movement to ramp-up on site in early 2018.

Faraday Future remains hopeful of starting deliveries of the FF 91 in 2019. The 1,050-horsepower, 300-mile electric car was first shown in January at the 2017 Consumer Electronics Show. Since then Faraday Future has been accepting $5,000 (refundable) deposits for the car whose final price is yet to be confirmed but is expected to start in the 6-figure range.

08-09-2017 11:27 AM
Faraday future leases California factory

Weeks after Faraday Future announced it would halt construction of a $1 billion factory in Nevada, the company said on Monday that it has a new lease on life, after securing a facility in California to continue efforts to build an all-electric autonomous car.

In a statement that represents some of the most candid remarks from Faraday executives to date, the company?s chief financial officer, Stefan Krause, said there remains a number of challenges ahead.

?We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,? Krause said.

?As we begin this next phase in our company?s history,? he added, ?our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users, who have shown exceptional patience and resilience through the company?s difficult times.?

The company?s expecting to officially move into the factory at the beginning of 2018 when the lease terms begin, according to The Verge, which first reported news of the deal on Sunday.

The new site, known as Hanford Business Park, is 1 million sq ft, and Faraday says it hopes to eventually employ up to 1,300 workers over three shifts. The building, about 200 miles north of Faraday?s corporate headquarters, is owned by a development firm called Industrial Realty Group, which is behind the controversial deal involving Elio Motors and a former General Motors factory in Shreveport, Louisiana.

The company has indicated in recent weeks that it was looking for a turn-key investment of sorts to stay on schedule and bring its flagship vehicle, the FF 91, to production by the end of 2018. But financial problems have plagued Faraday throughout this year, including a court decision that froze the assets of its main financier, billionaire LeEco founder Jia Yueting. Faraday said in May that it was looking to raise $1 billion to shore up its funds, but the effort was reportedly unsuccessful.

Faraday recently secured a $14 million emergency loan by putting its corporate headquarters up as collateral, according to the Wall Street Journal. The loan?s intended to help keep the lights on while the company tries to secure additional long-term funding, the newspaper reported.
07-11-2017 08:26 PM
Re: Faraday FUBAR

F.U.B.A.R. F---ed Up Beyond All Recognition

Faraday Future Hits the Pause Button on $1 Billion Nevada Plant
- Kelly Pleskot - July 11, 2017

Automaker ( hopes to ) shifts focus to an existing manufacturing facility...
- - - - - - -
...heard on tv news = either in Nevada or California
- - - - - - -
"We at Faraday Future are significantly shifting our business strategy to position the company as the leader in user-ship personal mobility – a vehicle usage model that reimagines the way users access mobility,” Faraday Future said in a statement to Motor Trend. “As a result of this shift in direction, we are in the process of identifying a manufacturing facility that presents a faster path to start-of-production and aligns with future strategic options.

02-08-2017 11:54 PM
Faraday FUBAR**

China-backed electric vehicle startup Faraday scales back U.S. plans
Reuters-Business News

By Paul Lienert and Norihiko Shirouzu | DETROIT/BEIJING | Wed Feb 1, 2017 throttling back on plans...

...Faraday will build a much smaller auto assembly facility than originally planned in North Las Vegas, Nevada,
a city official said late on Tuesday.

North Las Vegas city manager Qiong Liu said Faraday told the city it will build a 650,000-square-foot...facility,
beginning later this year, on the site of a plant originally planned to take up 3 million square feet.
(A source familiar with the company's thinking said the smaller Nevada plant likely will be set up to build fewer than 10,000 cars a year and may not open until 2019)...

...also pared its planned product portfolio down from seven to two vehicles...

...At least a dozen key U.S. executives have departed Faraday in the last nine months...

** F.U.B.A.R.

F---ed Up Beyond All Recognition
01-06-2017 01:15 PM
Re: who the heck is Faraday?

It's a weird looking vehicle.
01-04-2017 10:12 PM
Re: who the heck is Faraday?

via CarSpyShots
Originally Posted by drugmirko at CarSpyShots
allegedly, this is a production vehicle, presented on Vegas CES2017... though I'm a bit skeptical about cars that are "presented" in production form a full year (and more) than they will actually be produced...

I have to say that -though there are some viewing angles from which it looks interesting- I simply don't like it! visually.... for all other claims like 1050hp engines, 2.39sec acceleration, 600km range and all other hi-tech "mumbo-jumbo", only time will tell...

there's also a bunch of presentation videos:

01-03-2017 04:02 PM
Re: who the heck is Faraday?

- - - - - - -

the FF site hasn't worked on my puter after the 'event'
Here's a press release
This thread has more than 10 replies. Click here to review the whole thread.

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