It’s just one of many struggling EV startups.
Way back in January 2016 Faraday Future reveal its first concept car to much fanfare. At least the media, both automotive and mainstream, told the public to be excited about the rolling chassis “electric hypercar” because the new automaker was going to challenge Tesla, the patriarchy, and kill off all the old dinosaur car brands. Here we are over seven years later and I almost forgot Faraday Future is still hanging on by its fingernails.
Learn the ultimate fate of an old muscle car factory here.
There are so many EV startups that have popped up in the last decade, it’s honestly hard and quite frankly a waste to keep track of them all. With economic times getting more turbulent, investors have been pulling back as they fear the little fish aren’t going to survive the coming storm.
In spite of these rough waters, Faraday Future is finally about to deliver some cars to customers – what an odd thing for an automaker to do! It’s only requiring the company to raise $100 million in debt to bring the flagship model with a catchy name, the FF 91, to the few who can afford the approximately $200,000 price.
This is truly revolutionary stuff here, remember, because we were told so seven years ago. It’s true that $100 million will also go towards other company functions, including servicing the EVs and ramping up production in the near future. Just don’t get your hopes up for the Faraday Future equivalent of the Tesla Model 3.
Like many EV startups, Faraday Future has been hamstrung by financial woes and fights among top management and investors. Say what you want about Elon Musk, the man has at least kept Tesla moving forward instead of adrift in the increasingly stormy sea.
It’s impossible to know for sure what the fate of Faraday Future will be, but so far the company has struggled to achieve the goal of making vehicles for consumers. That’s one of the primary functions of an automaker, so anyone would be rightfully concerned.
With the economy teetering on what could be a deep recession, plus Tesla waging a vicious price war in the EV niche, there might not be much room left for many startups like Faraday Future moving forward.
Images via Faraday Future