The Rise and Fall of Faraday Future. Is The Electric Car Company Doomed?

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Back at the tail end of twenty fifteen, Chinese-backed California startup Faraday Futures exited stealth mode with a bold goal: to build a new type of electric car that embraced modular drivetrain design, was full to the brim with the latest technology, was built with carsharing and ridesharing in mind, and could beat Tesla in the plug-in marketplace.

Its first car, unveiled at CES 2016, was a never-to-make-production single seat concept car. Its second, the FF-91, was a four-seat high-performance luxury SUV that it said would enter into production by 2018 and built at a state of the art facility just north of Las Vegas, Nevada.

That facility, which the state of Nevada had offered Faraday Future  more than $335 million in incentives and abatements to secure its construction in the state, was to be constructed during twenty sixteen and twenty seventeen, with production starting ahead of an official 2018 launch.

However, financial problems plagued the company, with creditors taking the company to court and the firm’s principal backer suffering financial problems of his own. Combined, these issues slowed down Faraday Future’s plans and ultimately, its chances of succeeding in the plug-in marketplace.

A seemingly final nail in the coffin,  Faraday Future ended its Nevadan story completely (at least for now) last week by writing the state of Nevada a cheque for the incentive money it had already taken, ensuring the state was not out of pocket. Instead, it began planning a production facility in California, built at a leased facility using a secured loan taken out against the company headquarters.

Which leads us to ask one simple question. Is Faraday Future doomed? And is it on death watch?

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