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Faraday Future to Miss Promised 2017 EV Launch?
Electric vehicle startup Faraday Future Inc. is virtually certain to miss its goal of putting a production EV on the road in the U.S. in 2017, sources tell the Financial Times.
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Electric vehicle startup Faraday Future Inc. is virtually certain to miss its goal of putting a production EV on the road in the U.S. in 2017, sources tell the Financial Times.
The two-year-old startup broke ground on a $1 billion factory in Nevada in April. But last week it suspended site work there after its primary backer, China internet tycoon Jia Yueting, conceded his LeEco firm was running low on cash. Jia blames his company's simultaneous expansions into televisions, EVs, movie production, smartphones and other products.
Nevada’s state treasurer tells FT that Faraday is “tens of millions of dollars” behind in payments due to Los Angeles-based engineering firm Aecom Technology Corp., the project’s general contractor.
Faraday has been promising to unveil its first production EV in January at CES in Las Vegas. Even if it does, a source tells FT, a 2017 launch is “not possible” because of LeEco’s financial difficulties.
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