In July 2017, Faraday Future had to back out of a $1.0 billion EV factory project in Nevada because of financial troubles, according to Digital Journal.
Tony Nie, a former Lotus executive and one of Faraday Future’s three co-founders left the company, according to The Verge, while CEO Jia Yueting and senior vice president of product strategy Nick Sampson, remain.
A short promo video of the just-completed pre-production FF 91 from FaradayFuture's facility in Hanford, CA today: 52vsLtYQWs
— Sebastian Blanco (@SebastianBlanco) August 28, 2018
On June 26, 2018, it was revealed that Evergrande Health, a subsidiary of the Chinese conglomerate and real estate giant Evergrande Group, is now the largest shareholder of Faraday Future after acquiring a 45 percent stake in the automotive company for a total of $2 billion.
Because of the increased tensions between the U.S. and China of late, the investment was scrutinized by the Committee on Foreign Investment in the United States. Evergrande said in a public filing that CFIUS completed its review on June 18th, and no reason was found to block the investment.
Here’s to FF91 and the future: Take a sneak peek inside our new Hanford manufacturing facility: T7YSfWimot
— Faraday Future (@FaradayFuture) August 15, 2017
An “ultra-luxury intelligent EV”
On August 28, Faraday Future produced its first complete pre-production electric car after building its first production body late last month. The company is referring to the car as an “ultra-luxury intelligent EV.”
As with Mercedes, Audi, and Porsche, Faraday Future also anticipates its electric car will be a competitor to Tesla. The Faraday Future FF91 crossover SUV has a mileage range of 385 miles, a 0-60 time of under three seconds. and a price tag in the neighborhood of about $300,000. Think of it as an ultra-luxury electric Rolls Royce.
With production expected to start in early 2019, Faraday Future is also highlighting the local jobs that will be created. Faraday says that “upwards of over 1,000 jobs” will be created at the Hanford factory, with many new employees coming from the nearby College of the Sequoias, Visalia, according to Forbes.