Archive for the ‘Faraday Future’ Category

Faraday Future Furloughs More Employees

Company blaming Chinese investor for woes.

by on Dec.05, 2018

A large portion of Faraday's workers have been furloughed, those remaining taking pay cuts.

After a lengthy silence, financially challenged EV maker Faraday Future issued a tweet reconfirming its commitment to build its FF 91 model, while warning if an infusion of cash doesn’t arrive soon that could change. The company noted a round of layoffs are on tap as well.

In mid-November, the company was assumed dead before some churn at the top of the company’s management structure lead to founder Nick Sampson departing the company and the new leadership team announcing the company would come back.

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Today’s Twitter missive laid the blame for their current financial issues squarely at the feet of Chinese investment firm, Evergrande Health. (more…)

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 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 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 bingdb.info 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 Fritters Away Funding, Future Fading Fast — Again

Company not paying vendors while fighting with investor.

by on Oct.08, 2018

More than 300 Faraday workers gathered at the plant last weekend to help clean it up.

Less than a year after it was rumored to be out of money, budding electric vehicle maker Faraday Future appears to be out of money again — even after getting an $800 million infusion from a Chinese conglomerate.

According to a filing with Hong Kong Stock Exchange, the healthcare division of Chinese real estate group Evergrande is accusing Faraday Future founder and CEO Jia Yueting of trying to back out of the deal the two sides made in January.

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Evergrande officials claim that Jia blew through the $800 million and wanted another $700 million, and say they will take “all necessary actions” to protect itself and its shareholders. Conversely, Jia claims the company agreed to make two payments and after making the first, is trying to get out of the second, a $700 million payment due in 2019. (more…)

Faraday Future Takes Next Step Toward Production

Company completes body-in-white.

by on Aug.24, 2018

Faraday Future took another step toward production of its its FF 91 model, producing the body-in-white.

Faraday Future, a startup company that is promising to build luxury electric vehicles, reports it has completed its first body-in-white as it prepares to complete building the company’s first vehicles this coming December.

Faraday officials said completing the first body-in-white, which involves fashioning a vehicle’s basic framework by using welds and rivets to shape the structure, marks a milestone for the company on its way to producing finished vehicles.

Product News!

A number of key suppliers are working with Faraday at its Arizona factory to beat the deadlines, Faraday officials said. (more…)

CES Focus Shifts From Smartphones, Smart TVs to Smart Cars

“The potential applications of...technology are incredible."

by on Jan.08, 2018

A Nissan engineer monitors a volunteer's brain activity while testing new brain-to-vehicle software.

Anyone who has driven a relatively recent-vintage vehicle has probably experienced the benefits – and occasional snags – of using voice control to plug in a destination, dial a call or change the radio station. But Nissan’s IMx concept vehicle aims to take things a step further. It uses brain-to-vehicle technology to respond to what the driver is thinking.

“The potential applications of the technology are incredible,” helping motorists relax more while driving, while also improving vehicle safety, said Dr. Lucian Gheorghe, senior innovation researcher at the Nissan Research Center in Japan.

LA Auto Show News!

While you’re not likely to see Nissan’s B2V technology wind up in showrooms for at least five to 10 more years, the automaker plans to demonstrate its potential during the CES show in Las Vegas next week. And Nissan won’t be alone. Formerly known as the Consumer Electronic Show, the annual gathering traditionally focused on gizmos and gadgets, smartphones, TVs, computers and drones. But over the last few years, it has become a showcase for the auto industry, as well.

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