A Few months ago the Electric car company
known as Faraday Future held a groundbreaking
ceremony for its $1 billion manufacturing
facility outside Las Vegas.
Now, if you’ve been subscribed for a while
you would know that during CES I made a video
talking about some stuff that Faraday Future
revealed at the event, and that Faraday Future
was a company that aimed to take on Tesla.
But they don’t actually have any vehicles
on the market at this point in time.
Although this is true, what we have seen from
them so far is still pretty good.
But back to the 1 BILLION DOLLAR Factory news.
At that point Faraday Future's business strategy
was still a little unclear and it still kind
of is right now : The company had hired hundreds
of people into its southern California headquarters,
including BMW designer Richard Kim and Tesla
engineer Nick Sampson, and their work is also
being funded by China's LeEco media conglomerate
(which is also working with Aston Martin).
But beyond a vague notion that Faraday wants
to make autonomous vehicles and use a flexible
chassis that can support multiple vehicle
types, there's not much to go on.
The company has suggested that it may operate
under some sort of subscription model, where
users could call up different kinds of self-driving
EVs depending on their needs.
It was just five months ago that Faraday Future
was claiming that it was finally restarting
construction of its proposed factory in North
Las Vegas, almost 11 months after construction
was first halted amid the company’s ongoing
financial woes.
Now it looks like that factory will never
be built, as Faraday Future is reportedly
looking into pursuing less ambitious (re:
cheaper) options.
The news, first reported by The Nevada Independent,
broke less than a week after it was reported
that a Chinese court froze $182 million in
assets of Jia Yueting, founder of tech conglomerate
LeEco and a major investor in Faraday Future.
At the time, The Company claimed that Jia’s
money woes wouldn’t affect production of
the FF91, the startup’s first production
model slated for a 2018 release.
“We have decided to put a hold on our factory
at the Apex site in North Las Vegas.
We remain committed to the Apex site in Las
Vegas for long-term vehicle manufacturing,”
Stefan Krause, who’s been Faraday Future’s
chief financial officer for the past four
months, said in a statement to the Independent.
“We at Faraday Future are significantly
shifting our business strategy to position
the company as the leader in user-ship personal
mobility — a vehicle usage model that reimagines
the way users access mobility.
As a result of this shift in direction, we
are in the final stages of confirming a new
manufacturing facility that presents a faster
path to start-of-production and aligns with
future strategic options.”
I am not surprised that this happened though.
Faraday Future is still technically a baby
company if compared to the likes of Tesla,
so errors here and there aren’t gonna be
anything new.
I actually hope that the Future of the Company
is successful because it would be interesting
to see an actual working model of their FF91
Vehicle out in the public.
And this is where I end today’s video!!
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