Electric vehicle startup and would-be Tesla competitor Faraday Future (FF) had planned to send its first car, the FF91 into production late last year. Given its current financial woes, it seems unlikely the car will ever see the light of day.
In an internal email obtained by The Verge, the California-based EV brand revealed that it would not be able to bring back to work its furloughed workers on March 1, 2019, as planned.
In November of last year, Faraday had 1,000 employees on the payroll. Reportedly, it only had 250 paid employees as of December.
The stagnation is caused by a lack of cash. FF’s largest outside investor, Chinese real estate giant Evergrande, promised a $2 billion infusion into the company in 2018.
Evergrande made an $800 million payment to FF in mid-2018. With that spent, FF asked for a cash advance—around $600 million. Evergrande refused. This put the two companies at loggerheads.
In late 2018, Evergrande and FF restructured their deal, with Evergrande receiving full control over future FF endeavors in China. With the armistice deal signed, FF was free to seek new investors to fill its coffers. It has failed to secure more funding.
Faraday Future first revealed plans for the FF91 model in January 2016. Yet it has not managed to produce more than a handful of test mules since. With a skeleton crew staff and a shaky financial future, it seems evermore unlikely the FF91 will ever reach customers—or that FF will survive to see 2020.