Faraday Future’s wheels are coming off

Faraday Future’s wheels are coming off

Faraday Future‘s wheels are coming off due to what its founder, Jia Yeutling, is calling a “big company disease,” being a cash crunch. LeEco, the Chinese equivalent of Netflix and parent company of two EV start-ups, Faraday Future in the USA and LeSee in China, is forced to sell its Silicon Valley property, earmarked for its US headquarters. The sale, reported by Reuters, to Chinese property developer, Genzon Group, will provide the company with $260 million much-needed cash.

LeEco, now known for overpromising and massively under delivering, claimed that its premium car, the Faraday Future FF91, is a “Tesla Killer.” LeEco unveiled the FF91 “Tesla Killer” at the 2017 CES in Las Vegas along with the LeSee concept electric vehicle. While the LeSee received acclaim the launch of the FF91, on the other hand, was a real doozie. Faraday Future quickly published a highly edited version of the launch on its website, but it was too late as real events quickly went viral. See the video at this link. LeEco has also partnered with Aston Martin on the RapidE, where it will help with the development of the zero emission technology.

Faraday Future, a contradiction in terms, is scaling back all its operations in the USA, with the headcount rumored to have halved over the last couple of months. The production facility in North Las Vegas has been scaled back significantly, and although ground-breaking started late 2016, it has just remained that, as no production facilities have been erected. 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. The new phased construction is in line with the company’s reduced model lineup down from 7 models to 2.

The 13-year-old LeEco is financially pressed on all fronts. Rumors have also been flying that it was exciting its India operations and shares in its flagship unit, Leshi Internet Information and Technology Corp Beijing lost 25% of its value in five months. LeEco, which products include consumer electronics and cellphones, such as the LePro phone were able to raise $2.2 billion from Sunac China Holdings, a property developer. The funds are however not earmarked for LeEco‘s electric car division.

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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 below.


Ford’s electric vehicle program announced this week, although sounding impressive, falls short of delivering a punch for the sector. The company unveiled seven electrified models to reach the market in the next five years with a further six to follow. The automaker will also invest $700 million in upgrading their Michigan plant for electric and autonomous vehicle production, adding 700 direct new jobs. The press release clearly aims to impress President Donald Trump as the company also scuttled plans for a $1.6Bln plant in Mexico. The reason why we see Ford’s announcement as underwhelming is that the company is clearly just towing the line according to regulations since all the model’s bar one would be plug-in hybrid’s, a trend which has surely run its course. Die hard Ford enthusiast would be happy with PHEV versions of the Mustang, F-150, a hybrid autonomous model, two police vehicles and Transit Custom taxi/delivery van. The only Battery Electric Vehicle is a Small Utility with a range of 300 miles.


ChargePoint, a manufacturer of charging stations and adapters unveiled a water-cooled 400kW DC fast charger, the Expres Plus at the 2017 CES in Las Vegas this week. The Express Plus would be available from mid-2017 in both CCS and CHAdeMOstandards and would add 100 miles range in just 15 minutes. To put the significance in perspective automakers qualify ultra-fast chargers from 350kW and above, with Tesla‘s industry-leading supercharger being 145kW.


KPMG’s 2017 Global Automotive Executive Survey leaves us dumbfounded as an overwhelming number of executives still see Battery Electric Vehicles fail and Fuel Cells to be the real deal. The report, however, identifies Battery Electric Vehicles as the key trend up to 2025 as regulatory pressure pushes awareness of the technology. A telling figure though is that amongst downstream players, such as auto dealers, Battery Electric Vehicles are second only to connectivity and digitalization, again proving the reluctance of dealers to push the technology.


An Illinois-based start-up Rivian Automotive moves into old Mitsubishi plant which it closed with a full loss of employment opportunities to the Normal County in 2015. The newcomer hopes to invest $175 million in developing electric and autonomous vehicles which would create employment opportunities for 1,000 people. Rivian announced that it would unveil its first model later this year and start production in 2019.

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