Following the abandonment of the plan to construct a $1 billion factory in the Nevada desert which was meant to employ about 13,000 individuals, signs are that Faraday Future may come to an end. The company got massive tax breaks in a bid to see the project come through. Likewise, the Governor of the Nevada state hung a ceremonial shovel in his office as regards the project. On the face of it, the shovel will probably be taken down because the project will hardly happen.
The company has resorted to building a smaller factory which it announced initially as a one that will never be built.
The early times of Faraday Future
Faraday Future got to limelight with its excellent CES 2016 concept that impressed virtually everyone. The company unveiled another concept at this year’s CES – FF 91, a car model that was very close to its manufacture. The FF 91 was claimed to be a model that features more gadgets and gizmos, as well faster than the Tesla model. According to the company, the car will undergo production by 2018. Faraday Future was suffering the loss of executives and lawsuits during the period between the unveiling of the two model vehicles.
In a statement by the company’s future financial officer, the firm has resolved to halt the activities towards the building of the factory in North Las Vegas till long-term car manufacturing plans are concretized. However, there is a shift in business to showcase the business as the pioneers in use-ship mobility which redefines user access mobility.
In line with this change, the company is about to seal a new manufacturing facility that will accelerate such productions as well suit further targeted options.
Financial backing for Faraday Future
Faraday Future has its financial back up as the LeEco – a Chinese tech firm that keeps losing finance. The tech giant grew too fast, spreading its ability over the production of electric bikes, automobiles, and TVs. LeEco bumped into a massive investment from Sunac when it was about raising funds, but that was not enough to keep the firm going. The CEO of LeEco, Jia Yueting said that financial problem is growing worse than ever imagined.
Despite the financial issues that came upon LeEco, Faraday Future would have sought its way, but its executives were busy with concept modeling. There are massive doubts that Faraday Future may come up with vehicle production. The firm has been maneuvering the little possible product phases of startups, and that has been the biggest problem of the enterprise.