Faraday Future electric car company backs away from planned Vallejo factory

Troubled electric car firm Faraday Future has scrapped its plan to build a factory in Vallejo that city officials had hoped would bring good jobs and hundreds of millions of dollars in investment to Mare Island.

A year ago the future for the city and Faraday looked bright, when Vallejo’s council approved an exclusive negotiating agreement for the company to build a plant on Mare Island.

“When we first started marketing this property, our first objective was good-paying jobs with green technology and an employer willing and able to make the necessary investment,” Vallejo Mayor Osby Davis told the Times-Herald newspaper. “Faraday Future and its plans to make Vallejo its second manufacturing site and bring green technology to Mare Island checks all the boxes.”

But the electric car company has been struggling.

“It’s hemorrhaging money and owes millions of dollars in bills,” tech website Inverse reported in December.  “Its main investor, LeEco, is losing all its money …  six of (Faraday’s) top executives left the company in October.”

On March 24, Vallejo officials announced that the firm, co-founded by Chinese tech billionaire Jia Yueting, was backing off.

“Due to the new strategy to focus corporate efforts on development of its first production vehicle and plant in North Las Vegas, Faraday Future has decided to end its exclusive right to negotiate with the City of Vallejo,” the city said in a press release. “Faraday Future will stay in contact with the City, and continues to express interest in acquiring land in the future.”

Faraday had broken ground for its $1.3 billion factory in North Las Vegas in April, then put work on hold while, it said, it was readying its first production car.

That vehicle, a 1050-horsepower four-door road rocket called the FF 91, was unveiled in January at the Consumer Electronics Show in Las Vegas, where it raced against cars from Ferrari, Tesla and Bentley — and more or less wiped the floor with them.

A briefly shown slide at CES indicated Faraday planned to go to market with the FF 91 early this year. But reports of significant financial troubles suggest there are no guarantees.

Buzzfeed reported in December that the company owed more than $400 million in unpaid obligations to vendors and suppliers. At least two lawsuits have been filed against Faraday over money owed, the news site reported.

 

Photo: Faraday Future’s electric supercar, the FF 91 (Wikimedia Commons/Smnt)

 

 

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  • Dave Lee

    WHerever has chinese(from china) invest in!!! I dont trust them, very unethical business practice, and if those(from china) sucessful is backed by their governemnt, and that even worse in the long run for other business, very un-fair for other business
    DONT TRUST THEM AT ALL
    besie dont want WW III must stop china ECONOMICALLY, that means BOYCOTT china till they do not behave LIKE GERMAN in WW II
    and their product is not reliable like Volvo
    their poultries, food in general are full of chemical

  • julius rosen

    Was it a scam from the beginning?

  • Daniel

    “That vehicle, a 1050-horsepower four-door road rocket called the FF 91, was unveiled in January at the Consumer Electronics Show in Las Vegas, where it raced against cars from Ferrari, Tesla and Bentley — and more or less wiped the floor with them.”

    Just not true. It was a stripped down version of the FF 91 and even still, barely beat the production (and fully loaded) Model S (that is now about a half-second faster). By the time (if ever) they load the FF 91 with all of the bells and whistles they touted, it’s going to be way heavier and far slower than the fastest Tesla. Important to compare apples to apples here…though in the big picture, acceleration is going to be a commodity of sorts as electric vehicles become more and more mainstream.

 
 
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