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Wednesday, November 30, 2016

Insider Suggests Faraday Future's First Model Could Face Further Delays

Just after stopping construction of its $1 billion factory in Nevada, reports have surfaced suggesting that Faraday Future is facing additional challenges.

Not long ago, the main investor behind the electric startup, LeEco chief executive Jia Yueting, admitted that he was running out of cash after over-extending in its automotive ventures. Now, it appears increasingly unlikely that the brand’s first production vehicle will arrive in 2017.

In a detailed report by The Financial Times, people close to the company have said that it will be “unachievable” for Faraday’s model to hit the market next year, given its financial issues and the pause in construction at its factory.

The company has announced that it will reveal a working prototype at CES 2017 in January but according to a former employee, even that won’t strengthen the possibility of the model hitting production anytime soon.

“If CES goes badly, it’s all over. It will be a long while before there is a production car,” they said.

This skeptical sentiment is one shared by Nevada treasurer Dan Schwartz who provided the company with hundreds of millions of dollars in tax breaks to build its factory in the state. Schwartz says that FF is overdue by millions of dollars worth of payments to its general contractor, Aecom.


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