What's the future of Faraday Future?
IDG News Service | Jan 5, 2017
On Tuesday night in a cold Las Vegas, the company unveiled the FF 91, its long-promised flagship electric car. But the company has been hit by reports suggesting financial problems and construction of its factory is halted.
On Tuesday night in a cold Las Vegas, the company unveiled the FF 91, its long-promised flagship electric car.
On the surface, the FF 91 impressed. 0-60 in 2.39 seconds. That extra hundreth of a second all the more valuable because Tesla claims 2.4 seconds for its Model S. And it self-drives too. Here it’s circling a parking lot looking for a place to park, all while the drive is away.
But there were no specifications or details about the interior of the car and nothing about the price. It’s supposed to be for the mass market, but the technology says otherwise.
Faraday Future again delivered a grand vision.
“We can reformat the future”
“Day one of a new era of mobility.”
“At this moment in time, disruption is what the world needs.”
“What we’re creating is more than a car, it’s more than just a car.”
But the lack of detail is troubling given a string of recent problems the company has faced and some reports that it’s on the brink of bankruptcy.
“Nowhere are Faraday Future’s problems more visible than here in North Las Vegas. Behind me is the industrial park where the company is constructing a factory to produce its car, but construction was halted in November as company sought to save money to spend elsewhere. In recent weeks there has also been questions about its financial viability, ownership of intellectual property and executive departures.”
Faraday Future talked up the factory and showed video of heavy machinery moving earth around. From our vantage point on the edge of the industrial estate, that’s about all it has accomplished. There isn’t anything to see except for a couple of signs with the company’s name and some buildings that might, or might not be part of the development.
The doubts were only addressed in passing, right at the end of the event.
“Without a shadow of a doubt, despite all the naysayers, the skeptics, we will persist. We will carry on to make the impossible, possible.”
Faraday Future has begun taking $5,000 reservations for the car, which isn’t due until 2018. Enough depositis could show would-be investors there is serious interest in the car, so now must be a nervous time at the company.
It’s also promising 300 early models in March for a higher deposit and hasn’t said where they will be built.
In North Las Vegas, this is Martyn Williams, IDG News Service.