Faraday Future Hires Former BMW CFO To Head Start Up’s Financial Team

3 months ago by Steven Loveday 6

Faraday Future FF91

Who better than a renowned automotive exec and banker, to lead troubled Faraday Future’s financial situation back to positive standing? Stefan Krause was CFO at BMW starting in 2002 and moved to Deutsche Bank, in the same capacity, in 2008. He retired in 2015 and has been advising other companies since.

Jia Yueting is also involved with Faraday’s parent company, LeEco, and its LeSEE EV project. LeEco’s LeSee is yet another troubled situation.

It is no secret that Faraday Future has been through a plethora of problems lately, so much so that the electric automaker has lost nearly all of its top brass, and downsized U.S. factory plans.

In the beginning, Faraday was known to attract top names like that of Ferrari’s Marco Mattiacci, and VW’s Joerg Sommer. But today, aside from the only named investor, Beijing’s Jia Yueting, the company is lacking leadership.

Faraday is said to be restructuring and is reported to have picked up some recent substantial donors. Krause is hoping to secure more investments and put the financials back on track. He will also generate some much-needed clout for the supposed “Tesla killer,” since many in the industry view the company as “destined to fail.” Although Jia is a Chinese billionaire, he hasn’t shown much promise in getting the company back on its feet, and his reputation in Beijing as of late has declined.

Faraday intends to release its FF91 electric autonomous vehicle by 2019. The company has already unveiled the car and taken reservations. However, construction of the massive factory, that was already underway in Nevada, is on hold. Recently, the company announced plans to focus more of its efforts in China, and continue with a small-scale U.S. production facility. At this point in time, nothing is moving forward, and Faraday owes money to various companies and is involved in lawsuits.

One can only hope that with Krause’s reputation and experience, he will not want to be a part of the mess that is Faraday, unless positive changes are made and publicized swiftly. Whether he walks out the door as quick as he came in, like his predecessors, or makes notable progress, is yet to be seen.

Source: Manager Magazin

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6 responses to "Faraday Future Hires Former BMW CFO To Head Start Up’s Financial Team"

  1. Fabian says:

    Sounds like a pretty tough job.

  2. HVACman says:

    FF still has an impressive management and engineering team. Just wonder who they are managing and what is actually being done – or are they just lending their names and street cred to appease investors and regulators?

    https://www.ff.com/en/our-company/people/

  3. Pushmi-Pullyu says:

    Hey! Let’s rearrange the deck chairs on the Titanic!

    Hmmm…. Oddly enough, the ship is still sinking.

    1. Terawatt says:

      For once I agree completely! The problems are much more fundamental, and the financial trouble is a consequence of the fundamental problems. So getting a new CFO doesn’t change a thing.

  4. Terawatt says:

    It makes no difference what CFO Faraway Future gets. The company needs to have a compelling vision, a real purpose, and a realistic strategy to realise those.

    Look at what they’ve shown us. First the semi-promising mobility angle where we got the impression it was all about autonomy and disrupting the business model. Then a sudden, seemingly unmotivated shift into a high-tech image with the much ridiculed Batmobile FFZero1. Suddenly they appeared confused and irrelevant. After that they’ve shown us a production-intent concept that was much more realistic, but still it’s about a high tech image and narrow product focus, with no compelling vision.

    Tesla no doubt is loved by many for their tech. But I think what really makes people love them is that they hold up a promise of a better future and seem to genuinely care about that. We are all so worried about all the problems in this world that Musk sometimes seems like our saviour… even if we intellectually understand Tesla only makes a small bump in the universe.

    When FF appears not to even have a clear idea of what they want to be, it creates a strong impression that it’s nothing more than opportunistic business. Tesla may be too, of course, but they manage to give a plausible impression it’s something more.

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