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Faraday granted bridge financing of 225 million U.S. dollars
Faraday Future, an electric car startup in crisis, has received bridging financing of up to 225 million dollars from the U.S. commercial bank Birch Lake Associates to complete the development of its FF 91 model and prepare for series production.Weiterlesen
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Faraday Future “efficiently insolvent” says founder
The funds of Faraday Future are ultimately depleted and the EV startup “efficiently insolvent” founder Nick Sampson declared in an email to employees. Himself and senior product VP Peter Savagian have left the company and most workers have been sent on unpaid holiday.Weiterlesen
Faraday Future cuts cost trying to stay alive
The crisis at Faraday Future continues after their fight with investor Evergrande Health remains unresolved. With funds running low, FF now had to lay off workers and cut the salaries of those who remain by 20 percent. This includes executives.Weiterlesen
Faraday Future: Their house is on fire once more
Things are back to normal at Faraday Future, only their normal is chaos. In summer all seemed better, after the electric car startup secured a 2BN dollar deal with Evergrande Health. But now both sides blame the other for trying to break the deal and on top there are rumours that the first FF91 car […]Weiterlesen
Faraday Future finishes FF 91 pre-serial model
Faraday Future has announced the successful completion of the first pre-series model of the electric SUV FF 91 at their factory in Hanford, California. The deliveries of the serial version will begin in the first half of 2019, according to Faraday.Weiterlesen
EV startup Faraday Future launching China operation
Faraday Future has set-up its operating headquarters in China, according to Evergrande Health, which owns a 45 percent stake in the electric vehicle startup. Five more bases for research and development are to follow across the country in the next ten years.Weiterlesen
Evergrande Health buys 45% of EV maker Faraday Future
Faraday has found yet a new future as Hong Kong’s Evergrande Health Industry Group acquires a 45 percent share in the EV startup for $1.2BN. Evergrande will buy the stake off Season Smart, that had promised to invest 2BN dollars into FF.Weiterlesen
Faraday upgrades Hanford facility, starts recruitment drive
The Californian EV startup Faraday Future has announced updates for their Hanford factory, which is scheduled to start serial production of the electric SUV FF 91 this year. The company has also started a recruitment drive for specialists.Weiterlesen
Faraday Future hires Michael Agosta as VP of finance
The Californian EV startup Faraday Future has signed a vice president of finance: Michael Agosta is coming from Ford, where he also worked as a finance VP for the middle east and Africa.Weiterlesen
Faraday Future’s investor rumors indicate active role
The rumors concerning the new investor behind Faraday Future have taken a new turn, as reports have stated that an investor from Hong Kong is looking to invest not the $1.5 billion initially discussed, but instead looking at $2 billion.Weiterlesen
Faraday expanding Hanford factory / Kickoff planned for August
Faraday Future has begun expanding the factory it leased last year in Hanford, California. The equipment required for the production of EVs has already been ordered, and is scheduled to be installed at the end of May.Weiterlesen
1 billion dollar funding for EV startup EVelozcity
Founded by former BMW and Faraday Future manager Stefan Krause, the electric car venture EVelozcity is hot among investors. Krause says he got funding offers over 1 billion dollars and thus the startup is planning big.Weiterlesen
Faraday secures further funding and plans FF 91 launch
After a series of negative headlines, things appear to be looking up for Faraday Future. They say they have found an investor in Hong Kong willing to inject 1,5 billion dollars into the organisation.Weiterlesen
Faraday Future sues Evelozcity for stealing secrets and employees
Faraday Future has filed a lawsuit against its former CFO Stefan Krause for stealing trade secrets and employees. Krause had created EV start-up Evelozcity after leaving FF and Faraday’s ex-CTO Ulrich Kranz also followed suit.Weiterlesen
Court seizes assets of LeEco founder Jia Yueting
After facing a lot of trouble regarding its companies, Jia Yueting is currently confronted with even worse news: The founder of LeEco and U.S. start-up Faraday Future once stepped forward to challenge Tesla – now, a court has seized all of his assets due to outstanding debts.
Stefan Krause about to create own start-up Evelozcity?
After going separate ways with Faraday Future, Stefan Krause and other ex-managers of FF are going to found a new EV company called Evelozcity, according to information provided by “Electrek”.Weiterlesen
True to its name.
Faraday Future dares to dream and has asked Chinese architecture firm MAD to design a campus. The futuristic design is wild (if not mad) and borrows from science fiction. If one considers FF’s massive financing problems though, it seems surreal quite literally.
Pike’s Peak: Faraday Future beats Tesla.
In striking 11:25.083 minutes, Faraday Future’s FF91 finished the Pike’s Peak Hill Climb at this weekend, beating Tesla’s record. FF’s in fact achieved the fastest result a production EV ever did and was over 20 seconds faster than the Model S P90D.
Tesla, Faraday Future.
Reading tip: Tesla is working on a music streaming service of its own and allegedly started talks with big music labels already. The company’s idea is to offer as many sources as possible so Musk and Co. do not want to rely on existing services like Spotify or Apple Music.
Video tip: A bunch of new videos show the FF91 prototype by Faraday Future being tested for the Pikes Peak Hill Climb. The race has become kind of a proving ground for new EVs, among them Tesla’s Model S and Rimac’s race car.
Faraday Future vs. Tesla Model X.
Discreet pursuer: Obviously, Faraday Future includes a Tesla Model X in trials for its own electric and autonomous vehicle. Its FF91 prototype got now spotted in West Hollywood but not alone. The vehicle closely followed a specially equipped Model X – unlikely that this happened only by chance…
Faraday Future, BYD, Mini, Volkswagen, Range Rover, Lucid.
Faraday Future kept its ground in the desert of Nevada and said its “1bn dollar investment in the region over the next few years has never changed.” Contrary to previous reports, the plant will not be scaled back but instead include an additional facility to produce the FF91. There have been delays, but the EV start up announced it has entered Phase 2 of constructions after the earth has been moved.
automobil-produktion.de (in German), ff.com
BYD to build e-trucks in USA: Works to expand BYD’s facility in Californian Lancaster have started as planned. The Chinese manufacturer will not only build electric buses but electric trucks there as well. The firm said it sold 150 electric trucks in the USA in just two years and its all-electric line-up covers a range of applications from vans and refrigerated trucks over garbage collection EVs to tractors.
Mini PHEV pricing: BMW issued the price for the plug-in hybrid Countryman. The hybrid-electric variant will cost from 31,585 GBP in the UK, where launch is due this June. The new Countryman is the largest Mini model yet and thus on par with other the C-segment cars like the VW Golf or Audi Q3.
I.D. Buzz to debut in Europe: Volkswagen will bring the I.D. Buzz concept to Geneva to display it in front of an European audience for the first time. The electric minibus study had its actual debut in Detroit but still VW has not set an actual date for market entry. At least a new video gets the buzz going.
Velar in full view: Jaguar Land Rover took the veils off its SUV and also reveals some details. Still it remains unclear if the Velar will be electrified in any form, although CEO Ralf Speth has at least considered a hybrid variant. Maybe JLR will tell us more in Geneva, once the Velar had its debut.
Exclusive Launch Edition: First buyers of the Lucid Air must prepare to pay 165,000 dollars for the electric sedan a recent promotion event revealed. EV maker Lucid Motors targets sales of 255 in its first year once the Air with its 1,000 hp system and 130 kWh battery hits the market by 2019.
No Future for Faraday?
Faraday Future takes one financial hit after another. The latest is a 210k lawsuit over a domain. FF.com was sold for 1.4m dollars to the EV maker by the Bank of America but Faraday cut out the middleman in the process, who sues now. FF may as well stand for FinancialFail.com
Renault, Chrysler, Faraday Future, EPA, China, South Korea.
Renault Master electrification: The French are not only showing their new Kangoo Z.E. with 270 km range at the Brussels Motor Show, but also premiered the electric version of its transporter van Master. The latter will arrive at European dealers towards the end of the year and will be fitted with a 33-kWh battery pack that allows for a range of 200 km according to NEDC, even though 120 km are a more realistic estimate.
greencarcongress.com, automotiveworld.com, renault.com
Serial production plans: According to Detroit News, the in Las Vegas presented Chrysler Portal Concept (we reported) has a real shot of going into serial production. The paper quotes CEP Sergio Marchionne who says the electric van could hit the road in its current or slightly modified for “after 2018.”
Naming explained: Faraday Future explained the naming of its models. The FF 91 got its label, because the cars are named after size and price using the number 1 through 9. The 9 therefore stands for it being a top model, while the 1 indicated it being the first generation. Future cars could therefore be called FF 92, 81, 71, etc.
Lowering emission targets: Just ahead of Donald Trump’s inauguration, the EPA confirmed greenhouse-gas emission targets for light utility vehicles through 2025. Despite bickering from manufactures, the Corporate Average Fuel Economy (CAFE) goals for 2025 are 54.5 mpg. The EPA says manufactures have enough technology at their disposal to comply.
Cutting subsidies: The Chinese government wants to reduce subsidies for EVs through 2020, starting with a 20 percent cut this year. The country now also confirmed that electric or plug-in hybrid buses will receive no more than 300,000 yuan in aides (previously 600,000 yuan), while exact subsidies are based on the buses’ energy density and charging capacity. Trucks and specialty vehicles only get 150,000 yuan and local funding has been capped at 50 percent of state aide.
10-hr rule up for discussion: According to Reuters, the South Korean government is reconsidering its previous rule that EVs will only receive funding, if they can be charged in less than ten hours using a regular Schuko-connection. Especially Tesla would benefit, as its battery packs are too pick to comply.
Massachusetts, Faraday Future, Lucid Motors.
Reading tip: A newly passed law in Massachusetts prohibits EV charging stations from imposing inscription fees on drivers, hoping to make infrastructure more readily available. It also allows for the building code to be updated and require new homes and businesses to be pre-wired for EV chargers. Moreover, communities can dedicate parking spot for EVs only.
Video tips: Tesla is getting some competition. And while it didn’t seem like anyone would get to drive the FF 91 (Faraday Future), Drive’s Alex Roy got to go for a ride-along in the back seat to test the autonomous parking/summoning feature and acceleration. Meanwhile, The Verge got to take the passenger seat in the Lucid Air. In both cases, the testers were impressed.
youtube.com via insideevs.com (Faraday Future), youtube.com via carscoops.com (Lucid Motors)