Faraday Future in a few short weeks is expected to unveil its first consumer vehicle at the Consumer Electronics Show in Las Vegas… that is, if the company can hang on until then.
We’ve heard rumblings over the past couple of months alleging financial instability within the mysterious automaker – issues that forced contractor AECOM to halt construction on the company’s $1 billion electric vehicle production facility.
On Thursday, a report from The Verge (who was recently invited to take a behind-the-scenes look at the company as it prepared for CES) pegs Faraday Future to be in even worse shape than most suspected.
In addition to mounting debt, unpaid bills, supplier lawsuits and general financial mismanagement, sources tell the publication that Faraday Future doesn’t even own the intellectual property it’s using.
Ownership reportedly belongs to an entity called FF Cayman Global, a realization that led one ex-executive to the conclusion that Faraday Future investors are “fuc*ed.” A separate executive didn’t see this as a bad thing for investors but rather, for suppliers. A third former executive, meanwhile, put it bluntly: “If they don't find money after CES, they will be out of money by February.”
Appearing to be unfazed, Faraday Future has pushed forward with its marketing efforts by releasing a handful of teaser clips on YouTube as we inch closer to CES in early January. Will Faraday Future be able to deliver at CES and more importantly, beyond? Is this all a façade, a house of cards ready to crumple?
We’ll find out soon enough.
Lead mockup courtesy Jim Cooke, Gizmodo Media