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Posts Tagged ‘Faraday Future struggling’

Faraday Future Coming Unplugged?

Top execs leaving, lawsuits mounting, work on assembly plant halted.

by on Dec.30, 2016

Faraday Future plans to go full speed ahead with its new sport-ute concept, which it will show at the upcoming Consumer Electronics Show.

Faraday Future, start-up battery-carmaker, was hoping to make some big news next week at the annual Consumer Electronics Show – but the story may be quite a bit different than the California-based company had intended.

The CES event is still expected to take place, with Faraday planning to reveal its first production model. But the splashy media event could be hijacked by other issues that raise serious questions about the start-up’s long-term viability.

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The latest setback comes with word that Ding Lei, the unofficial CEO for Faraday, has left his post. He is one of a growing list of executives who have been heading for the exit in recent months. Exactly why the exodus is unclear, but Faraday’s financial fortunes appear to be crumbling. The company recently halted work on its $1 billion Las Vegas assembly plant and has now been sued for failing to deliver payments due to a key contractor on the plant project. (more…)