Faraday Future

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

    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, citing documents relating to the sale and comments made by Faraday Future spokesman John Schilling. A sale price wasn't mentioned. Faraday Future on March 13 said it was reducing its non-core assets as it seeks capital to put its first model, the FF91 crossover SUV, into production. As part of the...

  • 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 ends dispute with key investor

    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...

  • 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 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 stepped down. Reuters reported Tuesday that Sampson, a former Tesla executive, is the second of three Faraday Future co-founders to step away from the embattled electric automaker. Only CEO Jia Yueting remains and he has a tough fight ahead of him. Faraday Future recently announced significant layoffs...

  • 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
    Faraday Future's first pre-production FF91 rolls off line at Californian plant

    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...

  • 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

    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, Europe and China. The execs include Stefan Krause, Ulrich Kranz and Richard Kim. All three worked at BMW prior to joining Faraday Future. Kim, who heads design at Evelozcity, had a similar role at Faraday Future, while Krause and Kranz are in charge of the company's operations and technology...

  • 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
    Jia Yueting defies order to return to China to stay in US and help Faraday Future

    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...

  • 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

    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 discussed leaving for about two or three months before officially handing in his resignation. His final day was December 1. The designer brought his expertise from BMW, where he helped shape the i3 and i8 electric cars. Kim was responsible for bringing Faraday's FF91 to life, which debuted at the...

  • 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...

  • Artist’s impression of Faraday Future’s proposed plant in Hanford, California
    Faraday Future leases Californian plant after receiving $14M rescue loan

    After stopping work on its planned $1 billion plant in Nevada in July, electric car startup Faraday Future has managed to secure access to an existing plant that will allow it to get its first model, the FF 91, to market faster. Faraday Future on Monday said it has leased a 1 million-square-foot...

  • Faraday Future FF 91 prototype
    BMW i boss joins Faraday Future

    Struggling electric car startup Faraday Future has hired former BMW executive Ulrich Kranz for the new role of Chief Technology Officer. Kranz, 59, is a BMW veteran and has led the German automaker’s i sub-brand for electric mobility since 2008. He said he was motivated to join Faraday Future...

  • Faraday Future FF 91
    Faraday Future stops work on Nevada plant

    Work on Faraday Future’s planned $1 billion vehicle assembly plant in Nevada has been put on indefinite hold, the company confirmed on Monday. In a statement given to The Nevada Independent, Faraday Future said it’s looking for another means of production that will get its first model...

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