They’re acting like a proper company, finally.
Work has begun on a former Pirelli factory in Hanford, California, with the cavernous site being prepared to play host to embattled EV startup Faraday Future. After having been saved at the 11th hour last December with an investment of US$1.5-billion (though only a third has been handed over, with the remainder promised after hitting targets), it seems as if FF has been delivered from the fiery flames of near-bankruptcy to financial stability, being finally capable of properly igniting the light at the end of the tunnel.
They’ve even starting paying off their (monumental) debts.
Financial sensibility was first seen shortly after the cash infusion (from some nameless parties in Hong Kong), when the company abandoned its ambitious plans for a US$1-billion production facility outside Las Vegas, and opted to look for a partially-ready (read: ready to be repurposed) space elsewhere. Shortly afterwards, the company held a “supplier summit” according to The Verge, with the report stating that debts to past vendors were finally being serviced, while remaining employees were offered greater incentives to stay.
The road hasn’t been easy for Faraday Future, a company we’ve regularly taken potshots against due to their grandiose plans and unrealistic, exaggerated marketing language. Its main backer Jia Yueting, who made his money with a product described as the ‘Netflix of China,’ has regularly been the main issue with the management, direction, and targets of the company, though it appears that he’s gained some sensibility. He’s taken the reigns as CEO and relinquished control of the (financially faltering) LeEco empire he built in China, and captained the FF ship into steadier waters following the departure of many of FF’s big-name hires.
The journey is far from over for Faraday though. The company is still dealing with a lawsuit against the company founded by its former CFO following his departure from FF, and there’s also a sexual harassment suit that they’ll have to deal with in December. But with pre-production prototypes of its debut FF91 electric saloon slated for production commencement in August, maybe, just maybe, there’s a future for Faraday after all.
Stay tuned to CarShowroom for more updates as they come.
