How "Tesla Killer" Faraday Future Went Bankrupt

Today, electric cars are no longer a distant dream of the

future

. There are cars from large and small manufacturers that run on batteries. Nowadays there are a lot of Evie concepts and production cars, but when we say electric vehicles, the first thing that comes to mind is the name Tesla, the still unbeatable Evie giant of Silicon Valley led by Tony Stark of real life, Elon Musk, but do you know that there is a company that would become a Tesla

killer

Babu faster and will find its way? to the garage, wow, okay, it seems a little too lazy tonight, that would be the

future

of Faraday for you, aka FF, evie's new company based in Silicon Valley, Faraday Future was founded in April 2014 by Chinese billionaire Jia Yu Ting, also known as Whitey.

The company is named after Michael Faraday, who was one of the founding principles of the electric motor, but oh wait, Tesla, Nikola, Tesla, electric electric cars, okay, now we're getting somewhere, an attempt at real American rivalry, perhaps the founder Jia Yu ting, also known as Whitey, is a Chinese businessman. and he has numerous companies and startups in his name, beginning his career as technical support for a tax office in Shanxi province. Whitey entered the communications industry. Whitey founded Li Calm in 2004, a technology company in one of the largest on-demand movie and TV streaming services. shows also known as China's Netflix Whitey's many businesses include Lace She Holding Group, formerly known as Li TV, founded smartphone company Li echo and li sports, part of Li calm whitey, after having amassed a fortune through of his business in China, he had already begun to pursue a new dream when Faraday's future reached every industry, he had equipped himself with a stellar cast of innovative employees from a host of companies from 2014 to 2016, which included Stacy Morris of BMW, David Wisniewski of Ford Motor Company and James Chen along with a whopping 1,500 Tesla employees, the introduction of the future Faraday to the US markets in 2016 came quite suddenly and there was no mention of the founders in the CEO, so it was thought to be a front for Apple's car-building efforts due to all the secrecy surrounding its origins, however, Whitey later clarified that he presented Faraday's future to take on tech giants Google Tesla and Apple, which are working on their own versions of electric cars in 2016.

Faraday's Future announced its entry into the US market at the Palace of Fine Arts in San Francisco. claiming to challenge Tesla and the cost of our companies that have shown great electric vehicles and what they can do, while these companies inspire us, really what they are doing is just a slight progression from where we were before to what already exists, unfortunately for The company's group of expensive and highly experienced veterans who were recruited by Tesla, Google and Ford did not stop there as the company's gradual decline in November 2015 Faraday Future had announced plans to build a manufacturing plant in Nevada with an investment of one billion dollars.

Meet the same state where Tesla was already building its Giga Factory, the stage was set for Faraday's future, but then the company abandoned the idea of ​​its mega factory due to financial problems, even after the Utah government offered 1.3 billion of dollars in tax incentives in 2017 for Faraday's future. made a big splash at CES with its luxury SUV, the ff9, was involved with great fanfare at the Consumer Electronics Show CES in Las Vegas, this flagship model with a price of around $180,000 according to internal information looked futuristic and promised to be loaded with the latest and in -House Tech in terms of looks, the car made Tesla look amateur, even Michael Bay paid five million dollars to use the ff9 in the Transformers movie last night, Faraday claims the car accelerates faster than the Tesla Model S or any other electric vehicle. production car from zero to 60 in 2.3 nine seconds Faraday claims that the ff9 was the fastest production vehicle at the time, other than that the main difference between Tesla and the ff9 is that the former is a production vehicle and the Faraday en Neither the features offered nor the quality of the material combined with a possible range of 482 miles when driven at 55 miles per hour made the ff9 one look like a real Tesla

killer

and that could be seen in the response the car got on the CES, unfortunately Faraday.

The car did not respond during the presentation, it was a huge embarrassment for the company, it was an awkward moment when the car simply refused to respond. Nick Sampson, then product architect and vice president, almost apologized to Whitey, but setbacks still happened and thousands of reservations were made. The company announced that production would begin in early 2018 and then

went

bankrupt

. Faraday's Future was partly funded by Whitey himself, but most of his funding came from Chinese investors, most of whom were small businesses that were assured of a low-risk investment with worthwhile returns. . 10 times the amount also sought investments from China's questionable banking systems.

What are the former investors that the companies had told The Guardian that many large investors were willing to invest millions of dollars in the company only on the condition that Giu Tang resign? Following his tenure as the company's CEO in 2017, Ju Tang fled China to escape millions of dollars in debt, but landed in a similar place when it came to his American startup Faraday. The Future filed for Chapter 11

bankrupt

cy in the US. Investors did not want to invest money in Faraday's future due to Whitey's reputation and poor decision making. Most of the investment offers that Faraday's future God wanted Whitey to resign, but he was not willing to give up control of the company to him.

Faraday's future desperately needed. money to stay afloat and even after spending billions of dollars jumping from making a race car to an SUV, it still didn't have a single car in production. Experience has shown Whitey that it is easy to make a car, but mass manufacturing, on the other hand, is not. a piece of cake whitey racked up over $6.6 billion in total debt while paying off only $3 billion as of today. Saturday's Future was forced to sell its headquarters for $500 million to keep the company alive. Since then, the white guy left the CEO position, but he is not completely CEO.

Exiting the car manufacturing company is not an easy task, we all know that Elon almost

went

bankrupt to keep Tesla alive during the 2008 financial crisis, but the main difference between Elon and Whitey is that one does it to change the world and us. weave crude oil while the other, we don't know, the future of Faraday tried to replicate Tesla in every possible way, copying other businesses and companies could work very well within China, but one thing he cannot replicate is his passion , zeal, inner drive and commitment to meaningful work that makes one a true entrepreneur Before I end this video, I just want to say that we need entrepreneurs who follow the path of Elon Musk, not literally, but the path that makes your life have sense, we cannot blindly follow someone else's. steps we all have our own journey we still can't write off Faraday's future as a failure maybe there is still a light for Faraday's future at the end of the tunnel I personally hope Faraday's future succeeds we need many more players in the Evie business It will surely encourage greater competition in Evie's sector.

That said, we leave you here, like the video and subscribe if you want to see more of our videos. See you next time.