Faraday Future is a Masterpiece of Nonfulfillment, Achieves Even More Debt
When Faraday Future showcased its new car at this year’s Consumer Electronics Show, everyone temporarily forgot the company was a structural and monetary dumpster fire. A large portion of that amnesia was the result of the extremely impressive presentation put on for the FF 91’s unveiling. Some of the visual effects used by Faraday in its presentations and propaganda marketing have been so impressive, it left me wondering who the company has trusted with those projects.
One company Faraday outsourced to was The Mill — a New York-based video production company that is suing Faraday for 1.8 million dollars over failure to pay it for a graphic presentation commissioned in September.
This is an exciting return to form for Faraday Future, which announced at CES that the construction of its Nevada factory — stalled due to similar payment issues — should continue shortly.
According to court documents obtained by Jalopnik, Mill gave Faraday an estimate of $1.82 million to produce a “graphic presentation with virtual reality, augmented reality and holographic components” for CES trade show.
Faraday allegedly agreed to a final agreed upon price of $1,822,750 in three installments. The Mill claims it received a single $20,000 payment for work completed, despite repeated requests for more money.
This is the status quo over at Faraday. The second half of last year saw mounting lawsuits from numerous unpaid service providers and vendors.
Despite all of the negative attention leading up to CES, Faraday netted 64,124 reservations for its highly-impressive FF 91 sport utility vehicle. Assuming everyone payed the $5,000 for priority reservations, the company should easily be able to pay off the majority of its debts. However, since there was also an optional free reservation, there is a chance Faraday doesn’t have millions of extra dollars just laying around.
Inside sources have placed the number of paid reservations at around sixty. That amounts to $300,000 which, incredibly enough, is just enough money for Faraday Future to go out of business.
The FF 91 is anticipated to start production in 2018, provided the company building it hasn’t been sued into a black hole.
[Image: Faraday Future]
A staunch consumer advocate tracking industry trends and regulation. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied with the corporate world and resentful of having to wear suits everyday, he pivoted to writing about cars. Since then, that man has become an ardent supporter of the right-to-repair movement, been interviewed on the auto industry by national radio broadcasts, driven more rental cars than anyone ever should, participated in amateur rallying events, and received the requisite minimum training as sanctioned by the SCCA. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and managed to get a pizza delivery job before he was legally eligible. He later found himself driving box trucks through Manhattan, guaranteeing future sympathy for actual truckers. He continues to conduct research pertaining to the automotive sector as an independent contractor and has since moved back to his native Michigan, closer to where the cars are born. A contrarian, Matt claims to prefer understeer — stating that front and all-wheel drive vehicles cater best to his driving style.
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So "Elizabeth Carmichael" *is* still alive, and "building cars". https://en.wikipedia.org/wiki/Twentieth_Century_Motor_Car_Corporation
It has been said. Faraday Future is a fake business shell posing as a Tesla competitor with the intention of borrowing money solely for the enrichment of the directors. Tesla is the only real constructor in Nevada. By mirroring Tesla (a mimic) it can tap into the lines of credit and investment opened up by Tesla.