Surprise: Faraday Future Still Exists and Just Delivered Its First Vehicle

Here’s something likely very few people had on their 2023 Bingo cards: Faraday Future has delivered a vehicle. To a customer. Who paid money. The first FF91 EV delivery took place over the weekend, finally putting an end to the will they, won’t they conversation surrounding the brand.

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Faraday Future Announces Sky-High Pricing for the FF 91 EV
Faraday Future FF 91 Fancily Flails for Journalists at Monterey

Faraday Future was keen to show off its EV crossover during high-profile events at Pebble Beach a couple weeks ago. Nearly ready for production, Faraday says customers who have ordered the FF 91 could receive their vehicles by end of year. Given the CUV is so far along in its development, journalists were allowed to ride along in the super luxurious (and expensive) FF 91. Unfortunately, it didn’t go well.

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Future’s End? Faraday Future Warns of Production Delays


It’s hard starting a car company. Just ask Elon. Or Steve Burns from Lordstown. Sir James Dyson would also like a word. Nevertheless, plenty of businesspeople continue down a path that is alluring but certainly tilted in favor of financial annihilation. Faraday Future is on that list, following a recent warning from the company about missed production dates if they don’t raise more moolah.

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SEC Subpoenas Faraday Future Executives

Several executives from perpetual automotive startup Faraday Future have reportedly been subpoenaed by the U.S. Securities and Exchange Commission as part of an investigation into inaccurate statements made to investors. Though, considering the nameplate’s history, it would be impossible to assume which item the SEC will be focusing on thanks to FF’s exceptionally long history of industrial misgivings.

We’ve covered Faraday Future’s long and bizarre story from the early days of delivering half-baked, though otherwise impressive, concepts to its more recent status as an automaker in the ethereal sense. It’s promised the moon and only managed to deliver a handful of production husks that never surpassed the body-in-white phase and some “production-intent” prototypes of the FF91. Though the larger story is the SEC’s sudden interest in electric vehicle startups that went public via mergers with blank check firms, better known as special purpose acquisition companies (SPACs), over the last two years.

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Faraday Future Amazingly Still Active

Faraday Future hasn’t been making many headlines of late. But it remains an active business entity, surprisingly enough. On Thursday, it announced it had selected Velodyne Lidar Inc. as the exclusive supplier for the sensing/mapping hardware that’s going into its flagship FF91 EV.

Faraday’s missteps have been so frequent and gargantuan, that it would be impossible to give the abridged history without still wasting a large portion of your day. We’ll spare you from that and allow interested parties to dig through older articles about factory snafus, secret management structures, faked prototypes, development setbacks, bankruptcy, and more. The only thing you need to remember is that it is genuinely miraculous that FF still exists as a company – almost like it’s a testament to the utter ridiculousness of some tech startups – that continues to believe it will someday manufacture an electric car.

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Faraday Future Returns, Discusses Going Public With Reverse Merger

Faraday Future is hoping to go public through a reverse merger, proving that the finances associated with electric vehicle startups rarely operate within the confines of reality. Founded by Chinese businessman Jia Yueting in April 2014, the company began making waves the following year when it announced a plan to invest over $1 billion a factory in Nevada (its first) and went on a massive hiring spree. With the help of millions in government tax incentives, the plan was to start building some of the world’s most advanced EVs by 2017.

But people were becoming suspicious as early as 2016, when questions were raised about where the money was coming from and how much was left. By year’s end, work on Faraday’s Nevada facility had been suspended indefinitely. Following a lightly-botched presentation of its future product in early 2017, more outlets began to report the company was quickly running out of money as it backed out of several more projects. Months later, an internal power struggle left founder Jia Yueting as the primary decision-maker. Faraday Future spent the next few years scrambling to repay its debts and scrounging for (mostly Chinese) investors that might get it closer to its ultimate goal of building cars.

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Don't Bet on Seeing Chinese Brands in the U.S. Anytime Soon

Over the past decade, regular reports that Chinese automakers were readying a major push into the North American market became commonplace. We started seeing them move out of trade show basements to take up some of the most desirable real estate on the main floor. While some of the product clearly wasn’t yet up to snuff, one could imagine budget-focused products flooding the U.S. and Canada after a few years of polish. However, the last time that seemed like a likely scenario was 2018.

Chinese brands are still trying to break into the untapped North American market; some even have physical office space set up within the United States. However, Sino-American relations have soured dramatically over the past few years, and new financial hurdles have made wrangling a new market extremely difficult.

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Faraday Future Founder Files for Chapter 11

The founder of Faraday Future, Yueting Jia, has filed for bankruptcy and restructuring under Chapter 11 in the United States, according to a statement released by the company. The decision allows Jia (known within the company as “YT”) to address his debts in China, which can be measured billions, so his ownership of FF can be transferred to creditors.

Due to Faraday’s repeatedly broken promises and clandestine way of doing business, we’ve never had an overabundance of faith in the company. While that view hasn’t changed, the corporate statement frames Jia’s U.S. bankruptcy as a positive.

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Yet Another Bailout for Faraday Future

Faraday Future, the contentious automotive startup that always seems to find (and then lose) sizable amounts of cash, has announced it has once again managed to secure new funding. According to its press release, Faraday says will receive $225 million in bridge financing via a funding round led by Birch Lake Associates.

While the bulk of the cash will go towards paying off vendors, some of which have filed lawsuits, around 40 percent will be left over to help get the FF91 to market and prove the company can actually build a car. The strategy seems risky, but it may be Faraday’s best bet at this point.

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Faraday Future Teases Ultra-modern Minivan

Faraday Future is my favorite automaker and it’s not because they build the best cars. With the exception of a few prototypes of the FF91, Faraday hasn’t really built much of anything. But I’ve become enamored with the story of a mysterious automotive company, funded by a controversial Chinese backer, that continues to defy the odds by just surviving — despite a long history of ridiculous mistakes, financial shortfalls, and missed production targets. For me, its been a suitable substitute for soap operas.

The last time we checked in on Faraday, it had just broken ties with its savior-turned-destructor Evergrande. The company announced in January that it had agreed to restructure its $2 billion investment in FF and that both parties had acquiesced to drop all litigation against each other. Now Faraday is back with a new joint partnership and a new model — a minivan straight out of a late 20th century sci-fi flick.

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Faraday Future Getting Back Into the Game With New Chinese Partner

With Faraday Future and Evergrande Health having officially settled their bitter legal dispute late last year, the once-again independent automaker could finally get back to hunting for new investors. Despite Faraday’s entire existence being overshadowed by financial missteps and bizarre business dealings (resulting in an inability to deliver product), it’s extremely good at scrounging up funds. Breaking ties with its primary financial partner might have seemed like bad news, especially after so many near-death experiences, but this is where the company shines the brightest.

On Sunday, Faraday Future signed into a 50-50 partnership with Shanghai-based internet gaming operator The9 — which amassed its fortune after gaining exclusive licensing rights to operate and distribute the extremely popular World of Warcraft in China. Faraday said the deal marks the first step in its plan to officially launch its dual-home-market strategy in both China and the United States.

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Faraday Future Wraps Up Dispute With Main Investor Without Incident - What Now?

Faraday Future, the Chino-American EV developer that’s always in dutch, said Monday it has established and signed a new restructuring agreement with its main investor, Evergrande Health Industry Group Ltd. The deal concludes a rather ugly legal dispute between the two — one which placed Faraday’s intellectual property and finances in serious jeopardy.

Following the departure of co-founder Nick Sampson in November, the automaker found itself seeking new financing opportunities. Evergrande, which purchased a majority take in the EV firm via its summer acquisition of Season Smart, attempted to block new investments while Faraday accused the company of attempting a forcible takeover of the automaker by withholding funds earmarked for outstanding debts. Those funds were essential in helping it reach agreed-upon production targets.

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You Can Now Legally Invest In Faraday Future…

Faraday Future’s path to glory has been complicated to say the least. A series of ludicrously ambitious moves have been plighted with failure, followed by renewed hopes that were ultimately dashed. Incredibly, the aspiring automaker still exists and intends to begin production of its first electric vehicle once its money troubles are over.

Unfortunately, the company is currently engaged in a bitter legal battle with its biggest investor, China’s Evergrande Group, after a planned $2 billion investment went south. The reasons as to why are as foggy as the memory of a heavy drinker but Faraday wanted to trudge onward anyway. Initially, that seemed impossible — especially considering Evergrande held the ability to block any additional investments into the company. However, an interim ruling by a Hong Kong arbitration court has granted Faraday relief to seek financing without approval.

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Faraday Future Co-founder Calls It Quits; Majority Shareholder Has Odd Debt Solution

Faraday Future co-founder Nick Sampson has quit his executive post as the aspiring automaker continues struggling with finance issues relating to its latest financial backer and China’s second-largest real estate developer, Evergrande Group.

That leaves CEO Jia Yueting as the company’s only founding executive left on staff. But it would appear he might also leave, albeit under duress, if Faraday’s largest shareholder gets its way. While it’s not obvious exactly who shot first, the electric vehicle firm and Evergrande are at each other’s throats — ruining a $2 billion deal that was supposed to save the company and get its ambitious debut model, the FF 91, into production. Apparently, it was all too much for Sampson.

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  • CanadaCraig You can just imagine how quickly the tires are going to wear out on a 5,800 lbs AWD 2024 Dodge Charger.
  • Luke42 I tried FSD for a month in December 2022 on my Model Y and wasn’t impressed.The building-blocks were amazing but sum of the all of those amazing parts was about as useful as Honda Sensing in terms of reducing the driver’s workload.I have a list of fixes I need to see in Autopilot before I blow another $200 renting FSD. But I will try it for free for a month.I would love it if FSD v12 lived up to the hype and my mind were changed. But I have no reason to believe I might be wrong at this point, based on the reviews I’ve read so far. [shrug]. I’m sure I’ll have more to say about it once I get to test it.
  • FormerFF We bought three new and one used car last year, so we won't be visiting any showrooms this year unless a meteor hits one of them. Sorry to hear that Mini has terminated the manual transmission, a Mini could be a fun car to drive with a stick.It appears that 2025 is going to see a significant decrease in the number of models that can be had with a stick. The used car we bought is a Mk 7 GTI with a six speed manual, and my younger daughter and I are enjoying it quite a lot. We'll be hanging on to it for many years.
  • Oberkanone Where is the value here? Magna is assembling the vehicles. The IP is not novel. Just buy the IP at bankruptcy stage for next to nothing.
  • Jalop1991 what, no Turbo trim?