Faraday Future Raises $1B, Promise FF 91 Production By End Of 2018

Faraday Future

DEC 29 2017 BY STEVEN LOVEDAY 27

Who wants a ride on the Faraday Future roller coaster?

Yep, as soon as the company is out of money, loses more top execs, and clouds the media with bad news, the tables turn. Just the other day we were writing about wondering when Faraday will finally throw in the towel. Now, we could have the FF91 before the end of next year.

Faraday Future

Faraday Future’s Jia Yueting and Nick Sampson in front of the FF 91 at its live debut this past January

The second hill on this rocky roller coaster reveals that founder and early financier, Jia Yueting, is now the company’s newly appointed CEO.  This is the man that stepped back from the “automaker” a while back and was recently put on China’s blacklist for incurring monumental unpaid debt. Faraday hasn’t had an official chief for four years.

Many execs have come and gone, including ex-BMW CFO, Stefan Krause, who departed Faraday in October of 2017, along with chief technology officer Ulrich Kranz. Faraday claims the two were fired, but the stories don’t add up.

Additionally, Faraday Future’s Vice President of Design and a founding member, Richard Kim, also resigned. He came from BMW, where he was the lead designer in charge of the i8 and i3. At Faraday, Kim led the design of the FF91.

Kim was one five founding members, three of which have recently resigned (although now Yueting is back). This leaves only Yueting, Nick Sampson (senior vice-president of R&D), and senior vice president, Dag Reckhorn.

Nonetheless, Faraday has sold off shares amounting to  $1 billion (£747 million) and is optimistically promising FF91 production by the end of 2018. The company claims it already has 64,000 pre-orders for the upcoming all-electric car (which as we understand it, aren’t tied to actual monetary deposits), which aims to rival the Tesla Model S. Production plans will occupy an existing plant in Hanford, California (rendered above), which the automaker intends to refurbish.

Source: AutocarTeslarati

Categories: Faraday Future

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27 Comments on "Faraday Future Raises $1B, Promise FF 91 Production By End Of 2018"

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Tom

I apparently have the wrong job.

ffbj

Yia was actually recalled to China to face charges. If I were him, I wouldn’t go.
Plus I would not believe a darn thing FF says, unless they said they were throwing in the towel.

Pushmi-Pullyu

Yup. Just how stupid would anyone have to be, to believe some person or people threw another billion dollars at this zombie company?

JP

Let’s see, how about somebody that paid for FSD on Tesla cars?

Pushmi-Pullyu

I’m sorry that your life is so worthless that you have nothing better to do than write off-topic Tesla hater posts, troll.

What a LOSER!

Chris Stork

Good money after bad, if you ask me. It’s a shame to see such a cool and clever logo go down with the ship.

I can’t help but think of the Sunk Cost Fallacy. Is FF really worth wasting another $1B? What has changed to think this wont be flushed down the toilet?

William

Seeing is believing!

Don’t they still have an outstanding lawsuit, for the unpaid $ 100K catering bill, that FF rung up for some delicious snacks at the FF91 reveal in Vegas at CES, back in January of this year?

Some here might remember where their car totally choked on stage. Or, was that earlier? Seems like a cool Billion, could just about cover those litigation costs, and pay back the catering co., for those tasty treats.

Just sell the Movie rights to this Hollywood Blockbuster Drama, and stick a “Faraday Fork” in it, and be done with it, once and for all.

Pushmi-Pullyu

Time for a remake of “The Thing that Wouldn’t Die”, starring… oh, you guessed.

Seriously, instead of prolonging this zombie company, why don’t those in charge pull the plug and quit wasting everyone’s time and investor money?

Six Electrics

Be careful what you wish for: the same fools investing in FF are buying Tesla’s junk bonds.

The Woodster

My god, Six, your bias is so blatant. Why don’t you just admit you are a paid responder?

Pushmi-Pullyu

You Tesla short-selling FUDsters must be absolutely terrified over Tesla’s ongoing successes. Why else would you keep coming to InsideEVs every single day to post off-topic Tesla FUD?

You are a LOSER in every way one could possibly imagine! How much money have you lost just this year, troll? Hmmmm?

Vexar

Problem is that too many people have been burned here and moved on to other opportunities. Otherwise, it might have been good news. Also, is it me, or does “Chinese Investment Money” sometimes sound a little sketchy?

Dan

This company is dead! Jia’s company was a TV setup box provider for streaming TV programs in China, Hong Kong. All the money he got was from such stock investors. That company Lucky Video was officially bankrupted. Labeled as hot money transferer to outside of China by the current Chinese regime, he was forced to go back to face charges, this latest endeavor is the plea bargain he had with Chinese government to repatriate the money back to China. Let this company die, it functions as technology spying branch now for Chinese government.

Dan

BTW, this company is doing its tricks to siphone American investor’s money. They saw how Soon Musk was successful in doing this, he want a piece of pie too. It is using American investor’s money to steal American ingenuity so all the car manufacturers in China can leapfrog foreign competition with their huge customer base and volume production. BTW, this FF91 really worth $250K? Other than a big cabin, what’s new? Who’s going to buy it? You all see how Tesla cannot even make a good fitting car frame. It’s different when you make a lab sample versus volume production.

John

Hahahaha! Lumping Tesla in with Faragone Future? Your bias is a little over the top my friend. Wishing Tesla “cannot even make a good fitting car frame” isn’t the same as reality..

Keep driving your “good fitting car” and the rest of us will drive the future..

SJC

piece of pie too..

Must be a Russian saying.

Pushmi-Pullyu

Easy as cake… piece of pie…

Yeah, Russians seem to have a problem with American idioms. It must be so; I saw that in the movie “2010” (1984)! 😉

Pushmi-Pullyu

“You all see how Tesla cannot even make a good fitting car frame.”

No, I don’t. What I see is that some serial Tesla haters have taken a photo of an early Tesla prototype with a body panel misalignment, and posted a Big Lie all over the internet, pretending that was a production car. As Adolph Hitler proved, if you repeat a Big Lie often enough some people will believe it.

The truth is rather less interesting. Here’s a link to an InsideEVs forum post containing a video examining the panel/exterior trim fit of an ordinary, everyday production Model 3; not one selected as a “showcase” unit:

http://www.insideevsforum.com/community/index.php?threads/tesla-model-3-road-trip-is-possibly-coming-to-a-town-near-you.376/#post-2558

BTW — What is it with all the off-topic Tesla comments??? Doesn’t InsideEVs have enough articles about Tesla as it is? I mean, I’m a strong Tesla fan, but WOW! give it a rest already!

CDAVIS

@Dan said: “…it functions as technology spying branch now for Chinese government…”
————-

Bingo

James

Too little, too late. With the Audi electric SUV and the Jaguar I-Pace both being produced this year, I’m not really sure where the FF would fit in even if they did manage to make it.

The Faraday Future is a joke that’s been told too many time.

jimjfox

“I started a joke, that started the whole world laughing
But I didn’t see, that the joke was on me”

Credit- Bee Gees

Spin

Rumor has it that they will soon announce a partnership with EEStor to power the FF91

Pushmi-Pullyu

I see what you did there.

Unless they tackle the fast charging issue, FF is dead no matter how much money they raise. People won’t pay $100K+ for a car to wait an hour at CCS/Chademo for free charging Bolt/Leaf/i3, even if that’s only once or twice a year.

This problem is not unique to FF, but all non-Tesla EV. Even with Bolt, someone used to gasser will get tired of all the damn waiting at DCFC no matter how rare the occasion. Sure there’s waiting with Tesla, but having dozen stations at a site means 12 times less waiting.

Terawatt

Like many others here, I’m skeptical that they can pull this off. One billion actually seems like trying to do it on a shoestring, and, if the Tesla experience is anything to go by, would need multiple larger funding rounds later on just to get closer to profitability.

However, unlike many here, I do wish them luck. Technically I believe this is not very different from Lucid, which doesn’t seem to be as much of a laughing stock. If they can succeed it’ll be a good thing for the world.