FARADAY FUTURE ELECTRIC CARS
Funded by Chinese company LeTV, the Californian based start-up Faraday Future is one of the many Tech funded newcomers to the auto industry. Faraday’s strategy centers around a modular platform, like LEGO, whereby it can mix and match a small number of components and add it to a single rectangular base to create various models. The company stated that it benefit from lessons learned from previous EV failures and Tesla’s growing pains. Unfortunately based on the companies performance and the 2017 unveiling of it’s “production” car those benefits did not transpire.
FARADAY FUTURE EV MODELS
FARADAY FUTURE EV SALES
Go to our detailed breakdown of Global EV Sales to see how FARADAY FUTURE fares to its competitors in the fast-growing EV market.
FARADAY FUTURE IN THE NEWS
2017 Week 26 - Faraday Furture to get new lease on life
We have followed the Chinese “Netflix,” LeTVs, misadventures in the electric vehicle sector for the past year. LeTVs auto companies, Faraday Future in the USA and the LeEco in China, is well known for overpromising and underdelivering on its goals. The reason for the failure of the enterprises to make good on the hype created around it stems mostly from a cash crunch at the parent company, LeTV, due to it overextending itself in a wide range of projects. The founder of LeTV, Jia Yueting, had to personally jump in and save the two electric vehicles from faltering as groundbreaking of the Faraday Future ground to a halt while the launch of the FF91 at the CES 2017 flopped and the JV with Aston Martin was suspended. At the start of June, the Shenzhen Stock Exchange suspended the launch of the company’s RMB 2 billion bond which was supposed to provide cash flow to LeTV and its subsidiaries. This week Jia Yueting announced that LeTV would complete A-round financing by the end of the year to fund its vehicle projects housed under LeAuto. The funding will be used for mass production of electric vehicles. Jia Yeating stepped down recently as General Manager at LeTV and took a board position at LeAuto and FF Global. Faraday Future also clawed back some reputation this week as the FF91 prototype set a new production vehicle record at Pikes Peak.The FF91s time of 11 minutes 25.083 seconds record was 20 seconds faster than the previous record set by a modified Tesla Model S. Should the funding fails it will most probably be the end of the projects as LeTV has racked up large debts already resulting in large-scale layoffs and halting of projects.
2017 Week 5 - Faraday Furture downsizes its plant and model pipeline
Faraday Future’s future remains a contradiction in terms as the company struggles to remain afloat. This week the company tried to allay fears about the future of its North Las Vegas plant. The company announced that construction would go ahead albeit on a much smaller scale in a phased approach. The new phased construction is in line with the company’s reduced model lineup down from 7 models to 2. The smaller lineup now only consist of the FF91 unveiled in January at the CES in Las Vegas and a crossover targeted at the Tesla Model X. It remains to be seen if the company can achieve its new goals amongst the challenges created by its financial position, including holding on to the necessary skills as the start-up keep on losing key executives.
2017 Week 1 - Faraday unveiling of FF91 at CES a flop
Faraday Future unveils its FF91 at the CES 2017 in Las Vegas. The FF91 presented great gimmicks but Tesla Killer it ain’t. In all fairness, the company claims that the vehicle is a production model, but it yet has to deliver a single working version as the two cars presented to the media were only Beta versions. The company’s demonstration also went horribly wrong and removed the video of it and replaced it with an edited version. Fortunately the original has been downloaded by various media outlets for posterity. Follow the link for the alternative reality as opposed to the company’s reality.
2016 Week 52 - Some more groundbreaking of vehicle plants in the group, but will it be build?
The controversial LeEco announced the groundbreaking of its plant in the city of Hangzhou, Zhejiang Province China. LeEco is entwined between Faraday Future and the LeSee electric vehicle manufactured by LeEco. Both companies were founded by Chinese businessman Jia Yueting. Both businesses are known for making bold statements and big ticket announcements just to be followed by press reports of cash flow and funding problems. The announcement comes at a time when Faraday Future is battling to break ground on its plant in Northern Los Angeles. The company could not even pay the $21 million deposit to Aecon despite being offered $300 million by the local authorities for building the assembly plant there. LeEco has also partnered with Aston Martin on the RapidE, where it will help with the development of the zero emission technology. Faraday Future is said to hold the patents to the technology, but recent reports state that the technology is in fact held by a separate company in the Cayman Islands, creating insecurity for investors and borrowers.
2016 Week 49 - Faraday reveals teasers of its electric vehicle
1. Faraday Future revealed several teasers of its Electric Vehicle in anticipation of its launch during the Computer and Electronics Show in Las Vegas early next year. The teasers posted on Instagram included darkened images of the rear and front of the vehicle, leaving much to the imagination. The teasers also included video’s of the masked vehicle in motion and racing a Bentley and Tesla. The company is keeping up appearances despite recent reports that cash flow issues are hampering the construction of its Las Vegas assembly plant.
2016 Week 46 - Financial stress impacts construction of Vegas assembly plant
1. General speculation that some of the Chinese tech companies entering the electric vehicle space might run into financial trouble had its first high-profile casualty. Faraday Future, a LeEco company this week halted construction of its Las Vegas facility. LeEco CEO, Jia Yeuting, who invested $300m of his personal funds announced that the company is short of cash and that construction would be delayed to 2017. The company, however, was able to secure further funding commitments from 10 Chinese companies of around $600m. Investors included Hailan, a Chinese apparel firm who’s investment is a bid to support China’s auto industry.
2016 Week 42 - Unveil scheduled for 2017 CES Las Vegas
1. The Chinese Electric Vehicle manufacturer based in Los Angeles, Faraday Future announced via Twitter this week that it would unveil its new electric vehicle at the 2017 Computer and Electronics Show, held from 5 to 8 January 2017 in Las Vegas. The company has partnered with AECOM in building a sustainable manufacturing plant in Nevada.
2016 Week 40 - LG Chem Battery supplier
1. Faraday Future has announced that it would use LG-Chem as its battery supplier. The agreement will be deeper than just a supply agreement, with LG-Chem and Farraday co-operating on the electric vehicle battery development in a similar fashion as Panasonic and Tesla. LG-Chem also supplied the batteries for the Chevrolet Bolt at a reported $145 per kWh, a record low price. LG-Chem has made some great strides in energy density through improved battery chemistries.
2016 Week 26 - Formula E Season 2
1. Nico Prost of team Renaulte.Dams beat Bruno Senna in the 9th round in the second season of the Fiat Formula-e at Battersea Park in England. The series is hotting up with Faraday and Dragon Racing announcing a technical partnership where the EV startup will support Dragon Racing through the next 4 Formula series. The next series start on 9 October 2016. In related news, Honda announced that it would wait for the series to grow before it participates.
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In October 2017 an EV model sold more than 10,000 units in a single month. You would be surprised that it is not a Nissan Leaf, Chevrolet Bolt or a Tesla.
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China has always been one of the Tesla’s (TSLA) target markets with China currently being #Tesla biggest market outside of the USA