Faraday Future looks to be out of Formula E after just one season.
The struggling electric car startup became the title sponsor and technical partner of the Dragon Racing Formula E team in July 2016, with the team rebranded Faraday Future Dragon Racing for the 2016/2017 season.
However, the team has reverted to the Dragon Racing name for the 2017/2018 season which kicks off on December 2 with the Hong Kong ePrix.
Although Faraday Future was in a multi-year deal with Dragon Racing, Autosport on Monday reported that the deal is over with immediate effect.
The news doesn't come as much of a surprise considering Faraday Future’s ongoing cash woes. The company has been stumbling since about May when it was revealed Faraday Future 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.
It’s clear Faraday Future isn't going to have much of a future if it doesn't start producing vehicles soon. The company 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.