Faraday Future Surprises Everyone — Starts Work On Factory In California
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Decidedly, Faraday Future (FF) is no stranger to 11th hour, last-minute, dramatic rebounds. Yesterday, the company finally gave some good news after a series of negative strikes that seemed to end its … future.
Is Faraday Future Coming Out Of Its Ashes?
Although not yet out of the woods, Faraday Future (FF) has come a long way from where it was just a few months ago. Despite a few disastrous starts, it has finally managed to break ground on its factory. Well, actually, first is the demolition, and then it will get working on the construction of its factory in Hanford, California. It will then it ramp up with the right tooling to start production of its luxury electric SUV, if all goes according to plan.
The second big piece of news is that the company as finally able to repay much of its debts. Providing some very last-minute help, an unnamed financial group in Hong Kong clunked down $550 million for the company. This last part is probably the biggest news, as it spells the possible beginning of the company’s solvency.
With all of this good news, FF hopes to roll out its first pre-production car by the end of August. Don’t believe us? See the video for yourself.
The past year has been particularly troublesome for the electric vehicle (EV) Californian hopeful. After successfully showing its FF91 in action this time, unlike that of the disastrous two CES flops, the company apparently has some hope, marketing, and finances it is still clinging to.
Back in December of last year, we asked if FF was finally setting into the sunset. Surprisingly, a few weeks later, we found out that a few ex-employees pulled out of FF to start their own mobility companies, which fueled our earlier assumption that the company was going away. Finally, the bad news hit its crescendo when Jia Yueting, CEO and official representative of FF, skipped out on the Chinese authorities asking him to come back home to explain his lackluster return on investments there. His wife made it back but he was nowhere to be found at the time nor would he return comments.
Is Faraday Future A Survivor?
Theoretically, Faraday Future could eventually be worth $1.5 billion, but before it gets there, it will have to pay back some its debts and actually start making cars.
We’re always happy hearing good news from any EV company. FF has had a rocky start, but that doesn’t mean it won’t pick itself up from the early blunders and growing pains to become a key player in the e-mobility industry.
Editor’s note: I am the one to blame (or praise if you wish) for inserting the video below, but it just seemed like the appropriate soundtrack for this story. —Zach
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