Faraday Future, Inc. is an interesting company to say the least. We’ve touched on the company’s past troubles here, and posted one of its most spectacular and most public failures here. Despite all the turmoil, Faraday is still in business as of the date of this writing. Will the company be able to hang on long enough to bring a car to market? As it always is, the future is uncertain at this time.
According to the company’s website, “Faraday Future (FF) is a California-based global shared intelligent mobility ecosystem company focusing on building the next generation of intelligent mobility ecosystems. Established in May 2014, the company is headquartered in Los Angeles with R&D Center and Futurist Testing Lab, and offices in Silicon Valley, Beijing, Shanghai, and Chengdu. FF is poised to break the boundaries between the Internet, IT, creative, and auto industries with product and service offerings that integrate new energy, AI, Internet, and sharing models, that aim to continuously transform the mobility of mankind.”
Huh…and I thought they were a car company.
At any rate, the company is named after English scientist Michael Faraday, the discoverer of electromagnetic conduction. Faraday opened its doors in 2014 and by 2016, had grown to a respectable 1000 full-time employees. Earlier this year, The Verge reported that Faraday had undergone a restructuring in order to save the business. The Verge later reported that rival startup Rivian had poached as many as 50 former employees from Faraday.
Funding has always been an issue for Faraday. Chinese Billionaire and current Faraday CEO Jia Yueting is now and has always been the company’s largest investor. Yueting also owns a 20% stake in Lucid Motors, leaving many to speculate about his eventual motivations and goals with both companies. In 2018, Faraday reportedly received $1.5 Billion from an undisclosed company in Hong Kong. Inquiring minds can’t help but wonder: did the company blow through all of that money in a little over a year?
Faraday’s flagship vehicle, the FF91 was unveiled in 2017. The company claims that this large all-electric ultra-luxury crossover SUV has a 0 to 60 mph rate of 2.5 seconds and a range of 289 miles on a single charge, although this has not been confirmed by independent parties. The rear doors of the FF91 are suicide doors and much like the various Tesla models, the car features a large touchscreen in the front center console. The car is equipped with smartphone app car access and facial recognition door locks.
What will the FF91 cost you ask? In a 2017 interview, Yeuting proudly stated that the car would cost ” “less than 2 million Chinese Yuan,” or the equivalent of $290,000. In spite of this hefty price tag, the FF91 did receive over 64,000 reservations at $5,000 a pop after its debut at the Consumer Electronics Show (CES) according to Forbes. It looks like there might be a future for Faraday after all…
What do our readers think about Faraday and the FF91? Will Jia Yueting’s creation be able to compete in the ultra-luxury market with Bentley and Rolls Royce? Would you put down $300,000 for the FF91 if money were no object? Leave us a comment below and let us know.
Source | Images: Faraday Future Inc. via greencarreports.com and theverge.com