Faraday Future, the US electric car start-up brand invested by LeEco, is currently in crisis, and its construction work in Nevada has been suspended due to financial difficulties.
According to the Financial Times, Nevada officials revealed that FF had overdue millions of dollars when paying the general contractor Aecom. The construction of the entire electric vehicle production facility has not been completed in the first phase, and the entire project is expected to cost $1 billion.
At present, Aecom stopped the construction of the factory on the grounds of “temporary construction schedule adjustment†and did not explain the time for the project to restart. However, there is news that the FF factory is expected to resume construction at some time in 2017.
Foreign media had previously exposed the road test spy photos of FF's first production car. It seems to be a five-door crossover model. The new car will be officially unveiled at the CES show in January next year.
However, the current car of Faraday Future, the electric car startup, will not ship on time. The company is facing delays in mass production and funding issues around its major investors in China. The company has always positioned itself as the biggest challenger for Tesla.
California-based Faraday unveiled at the Consumer Electronics Show in January this year, showcasing its Batmobile-style concept car FFZero1. After the $1 billion production plant broke ground in Nevada in April this year, the company promised to showcase its first production car at the next International Consumer Electronics Show in early 2017.
According to commercials on social media, Faraday will "open the veil of the future" at the International Consumer Electronics Show in Las Vegas. However, in the days when the car was unveiled for more than a month, the future may come a little later.
Two years ago, the company promised in an interview that by 2017, the first cars will be on the road and market-oriented. In January this year, the company reiterated this goal. According to one person who knows the company, this deadline is currently unable to catch up – the company's main investor, LeEco, has financial problems.
A former Faraday employee believes that mass production is “impossible†in 2017 despite the concept car being shown at the International Consumer Electronics Show.
Earlier this month, LeEco's founder and CEO, Jia Yueting, wrote to the staff, which listed the electric vehicle business as the main source of financing pressure.
Nevada has provided hundreds of millions of dollars in tax incentives for Faraday to build a factory in Nevada. But the state's finance minister Dan? Dan Schwartz told the Financial Times that Faraday had to pay tens of millions of dollars to its general contractor Aecom for overdue payments.
After completing the “land leveling and foundation preparation work†at the North Las Vegas factory, Aecom said: “Faraday Future temporarily adjusted the construction plan and plans to start work again in early 2017.†Aecom said that it is still “dedicated†this project.
Aecom declined to comment on whether Faraday was in arrears. Faraday spokesperson Richard? Richard Otto also declined to comment on the matter.
Jia Yueting is the largest investor in Faraday and manages an independent electric car project, LeSEE, within LeEco. He also invested in Lucid Motors (formerly ATIeva), another entrepreneurial car company in the United States. However, the LeTV auto department spokesperson did not answer the questions raised by the reporter, let us ask Faraday.
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