Faraday Future is a new player in the automotive industry. The company is based in Gardena, California but it is backed up by a Chinese multimedia company, LeTV. Its concept car, FTZERO-1 is claimed to be ‘Tesla Killer’ as it is designed to be all-electric crossover or SUV with autonomous features targeted for the higher class business market. The pricing of the car is reported to start around $150,000.
The company is supposed to reveal a functioning prototype of the concept car in this year’s CES (Consumer Electronic Show) which takes place in Las Vegas every January. However, it was unable to do so due to a few setbacks. Therefore, the company had to produce a non-functioning, static concept car which costs about $2m.
Faraday Future even released a video teaser on the concept car. There is not much information about the concept car apart from the futuristic headlights and wheels. However, we do get to see a few glimpses of the car and its dramatic background music.
The company is reported to be having difficulties to produce its first concept car since then. As there have been some delays. It’s first started with uncertainties in Chinese market which makes LeTV to suspend its trading in Shanghai stock exchange for a month. This definitely raises concern on the promise to fund the development of the multi billion dollar facility in Nevada which makes the American team to visit the headquarter office personally to discuss about the issue. As a result, the ground breaking of the factory was delayed from January to April.
According to ‘The Guardian’, Faraday Future is most likely to have to outsource its autonomous technologies as it struggles to develop the system in house as it does not have the engineering for an electric platform.
Initially, it seems that the company has a culture clash with its parent company on the new company’s naming convention before ‘Faraday Future’ was adopted. Leshi’s initial naming idea for the automotive company was Fara Faro, however, it does not goes well with the American team. Leshi is LeTV’s Chinese automotive company.
Despite all these setbacks, the company’s executives who spoke to ‘The Guardian’ have confirmed that there was never signs to hold back funds as the projects have been approved to go ahead and paychecks have been released on schedule. The only thing is that there has been no concrete result yet.
LeTV is also reported to be working together with Aston Martin to develop its fully-electric RapidE S sedan which ready for production by 2018. However, it is not clear how much Faraday Future’s involvement in this project. Faraday Future itself has planned its electric platform for 2017 production and it is very behind from schedule.
In conclusion, it seems that Faraday Future was lacking a lot from what the company has announced that it can do during CES. The company needs to restart all over again, working on its battery engineering due to the loss of its battery engineer team, vehicle platform as well as finding partner for its autonomous technology. As a start-up company, it also need to prove to the world that it actually able to deliver what it has promised.