Faraday Future FF91 An Illusion? Company Faces Huge Debt, Possible Production Cancellation

Jan 19, 2017 04:43 PM EST | Jayde Marvynne Zamora

During the CES 2017, Faraday Future unveiled their electric vehicle the FF91. The showcase did not go as planned for Faraday since the FF91 failed to move from its self-parking technology. Today, the glitch haunted the company even deeper to the extent of facing bankruptcy.

To recall, almost half of Faraday's senior executives left the company, one of which is the company's CEO. According to a report from Business Insider, eight unnamed people revealed that the company is in total disorder which caused its executives to resign. One of the main reason is that the company's debt ballooned to millions of dollars. Tech times added that if the company failed to attract new investors, Faraday Future will face disclosure either February or March of 2017.

The challenges Faraday Future encountered is specifically directed to its confusing setup. Faraday has become less of an independent business after LeEco's CEO Jia Yueting has taken over the position of previous CEO Ding Lei. According to the source, arrangements were specifically implemented to LeEco's vehicle development rather than on Faraday's.

An inside source stated that the Faraday Future unveiled during the CES 2017 is not 100% completed. But, there are speculations stating that the vehicle is might start production in 2018. Faraday supporters should get too excited yet since the company might be close to bankruptcy. Faraday Future is expected funds from China within 60 days. Failure to achieve the same time frame could lead the company to closure.

Faraday Future FF91 is the most advanced electronic vehicle and huge competitor of Tesla Motors. The company failed to create an outstanding first impression after FF91 refused to move. Auto insiders call out that the FF 91 does not have a solid functioning self-driving system.

What are your thoughts about Faraday Future? Share it in the comment section below.

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?

© 2021 Auto World News, All rights reserved. Do not reproduce without permission.
Get the Most Popular Autoworld Stories in a Weekly Newsletter

Join the Conversation

Real Time Analytics