Faraday Future

  • Faraday Future FF91 prototype

    The soap opera that is Faraday Future's road to production took a new twist on Monday with the EV startup announcing a bridge loan that will keep funds flowing as the company attempts to raise capital to get the FF91 crossover into production and develop additional models. There's a potential $225 million on the table via the bridge loan, which consists of $75 million of secured financing and a secured vendor trust of the remaining $150 million. The vendor trust will be used to pay down some of Faraday Future's existing debts to suppliers as well as provide a buffer to obtain commitments from...

  • Teaser for V9 electric minivan designed by Faraday Future
    This is the minivan Faraday Future's designing for a Chinese video game company

    Faraday Future plans to form a joint venture with Chinese video game company The9 to build hundreds of thousands of EVs in China.

  • Faraday Future completes first pre-production FF91 on August 28, 2018
    Faraday Future's latest lifeline: a Chinese video game company

    Faraday Future, the California-based electric car startup, has been in limbo since the middle of last year due to financial woes, but the company has received a new lifeline. It comes from a rather unlikely place: a Chinese video game company. The startup announced it has signed a joint-venture...

  • Faraday Future completes first pre-production FF91 on August 28, 2018
    Faraday Future sells headquarters in leaseback deal

    Faraday Future has sold its headquarters in Gardena, California, and is leasing it back for now. Real estate company Atlas Capital purchased the site on March 8 and is leasing it back to the electric car startup, which originally bought it in 2014 for $13.2 million, The Verge reported on Wednesday...

  • Faraday Future FF91 prototype
    Faraday Future selling land purchased for proposed Nevada plant

    Faraday Future only a few short years ago planned to spend $1 billion to build a sprawling high-tech facility north of Las Vegas to churn out its electric cars. However a cash crunch in late 2016 meant the Chinese-backed, Californian EV startup had to scale back its plans, including abandoning the...

  • NEVS logo
    Faraday Future investor buys EV startup that took over Saab

    China's Evergrande Group, a key investor in U.S.-based Faraday Future, announced Tuesday it has acquired a controlling stake in NEVS, the Chinese-backed, Swedish company born out of the ashes of Saab. In a statement, Evergrande said it acquired 51 percent of NEVS in a quest to diversify into the...

  • Faraday Future FF91 prototype

    Faraday Future has managed to stave off what seemed like imminent death by ending a dispute with key investor Evergrande Health Industry Group, the same company Faraday Future accused last October of trying to gain its intellectual property. The two firms said Monday that they have agreed to terminate all previous investment contracts, withdraw and waive all current litigation and arbitration proceedings, and remove all roadblocks to Faraday Future raising further funds. Evergrande agreed last June to purchase a 45-percent stake in Faraday Future by acquiring Season Smart, an existing...

  • Faraday Future completes first pre-production FF91 on August 28, 2018
    Faraday Future employees sue key investor

    Drama continues to unfold between electric car startup Faraday Future and its key investor, Chinese conglomerate Evergrande Health Industry Group Ltd. A Wednesday report from The Verge uncovered that Faraday Future employees have now sued the investor. Employees filed the lawsuit in Los Angeles...

  • Faraday Future FF 91
    Faraday Future seeking new investment

    Faraday Future has officially opened itself to "potential investors from around the world." The electric-car start-up said it has begun exploring strategic options, according to a Thursday Reuters report, and hopes to attract new investors. Options include debt and equity financing. This year has...

  • Faraday Future FF91 prototype
    Faraday Future co-founder Nick Sampson steps down

    Faraday Future is currently in the midst of serious financial and executive turmoil. Top leadership is jumping ship as previously secured funding is not quite as secure as previously believed. Now, company co-founder and senior vice president of product R&D and engineering Nick Sampson has...

  • Faraday Future completes first pre-production FF91 on August 28, 2018
    Faraday Future plans layoffs, wage cuts as money troubles resurface

    Faraday Future has once again shifted to a poorer outlook as the electric car startup prepares to lay off employees and cut employee salaries. The latest measures in frugality come as Faraday Future feuds with its main investor over new installments of funds. The Verge reported on the forthcoming...

  • Faraday Future completes first pre-production FF91 on August 28, 2018
    Faraday Future enters dispute with key investor

    Electric car startup Faraday Future is currently embroiled in a dispute with key investor Evergrande Health Industry Group, a subsidiary of property developer China Evergrande Group. Evergrande agreed in June to purchase a 45-percent stake in Faraday Future from a company by the name of Season...

  • Faraday Future completes first pre-production FF91 on August 28, 2018

    Electric car startup Faraday Future appears to be back on track with development of its first model, the FF91, following a rough couple of years resulting from cash shortages and a senior executive exodus. The Chinese-backed, U.S-based company reached a major milestone Tuesday with the completion of its first pre-production FF91 at its plant in Hanford, California. In the auto industry, pre-production represents the stage of development where final testing and certification and registration processes take place. It also provides plant employees with an opportunity to iron out any production...

  • Faraday Future FF91 body-in-white
    Faraday Future hits key milestone with first FF91 body-in-white

    Electric car startup Faraday Future appears to be back on track with development of its first model, the FF91, following a rough couple of years resulting from cash shortages and a senior executive exodus. The company on Monday announced it has completed the first body-in-white for the FF91 at its...

  • Faraday Future FF 91
    Hong Kong firm to buy 45 percent of Faraday Future

    Remember Faraday Future? The cash-strapped electric car startup hasn't been in the headlines of late but it isn't dead yet. In fact, the company may have been thrown a lifeline in the form of a stake sale to Hong Kong firm Evergrande Health Industry Group, a subsidiary of property developer China...

  • Evelozcity logo
    Ex-Faraday Future execs form EV startup, promise first model by 2021

    A band of executives that up until last year were working for Faraday Future have joined forces to launch an electric car startup of their own. Their new company, called Evelozcity, is based in Los Angeles and already has seed funding of approximately $1 billion from investors in the United States...

  • Faraday Future previews future product during supplier meeting
    Faraday Future teases second SUV at supplier meeting

    Faraday Future on Wednesday gave a preview of a model to follow the FF91, which the company remains hopeful of getting into production by the end of 2018. The preview came in the form of a design sketch shown briefly to attendees at a supplier meeting. The electric car startup held the meeting with...

  • Faraday Future FF 91
    Faraday Future receives $1.5B lifeline

    Faraday Future's vision hasn't exactly panned out as once imagined, and serious financial problems have ensued. However, a Hong Kong-based entity has thrown the struggling electric-car maker a $1.5 billion lifeline to keep the lights on. Business Insider reported on Tuesday that the unnamed entity...

  • Jia Yueting

    Despite being ordered to return to China by the country’s securities regulator, not to mention having his assets seized by the court system, embattled Chinese businessman Jia Yueting says he’s staying put in the United States in order to secure funding for electric car startup Faraday Future. “I’m deeply sorry and I blame myself for the huge negative impact the debt crisis of LeEco has brought,” Jia said in message posted to a personal social media account in China on Tuesday, Bloomberg reports. “The financing of U.S.-based FF has made great progress and...

  • Jia Yueting
    Faraday Future backer Jia Yueting is ordered back to China, has assets seized

    Faraday Future’s main backer, Jia Yueting, has been ordered to return to China to meet financial obligations promised to investors of his LeEco electronics and video streaming business. The order was issued on Monday by the China Securities Regulatory Commission which has been pushing for...

  • Faraday Future FF 91
    Faraday Future’s Chinese backer placed on debt blacklist in latest setback for automaker

    To say Faraday Future has been having a tough couple of months is probably the understatement of the year. The latest in a long list of setbacks is news that main backer Jia Yueting, the founder of Chinese tech giant LeEco, has been placed on an official list of debt defaulters in China after...

  • Faraday Future FF 91
    Head Faraday Future designer resigns

    Faraday Future won't necessarily end 2017 on a high note. The company's chief designer, Richard Kim, tendered his resignation on November 27, The Verge reported last Friday. Kim is a former BMW designer and one of the earlier hires at the fledgling electric-car company. The report said Kim had...

  • 2016/2017 Faraday Future Dragon Racing Formula E race car
    Faraday Future out of Formula E as Dragon Racing partnership ends

    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...

  • Faraday Future FF 91
    Did Tata just buy a $900M stake in Faraday Future?

    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...

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