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How "Tesla Killer" Faraday Future Went Bankrupt

How
in today's day and age electric cars are no longer a distant dream of the

future

there are cars by manufacturers big and small that are battery-powered today there is an abundance of evie concepts and production cars but when we say electric vehicles the first thing that comes to mind is the name

Tesla

right the yet unbeatable evie giant of the Silicon Valley led by the real-life Tony Stark Elon Musk but do you know that there's a company that was to become a

Tesla

killer

faster Babu and it will find its way to the garage whoa okay it seems like it's our little bit too lazy tonight that would be

Faraday

future

for you aka FF the silicon valley-based evie startup company

Faraday

future

was founded in April 2014 by Chinese billionaire Jia Yu ting otherwise known as whitey the company was named after Michael

Faraday

who was one of the founding principles of the electric motor but oh wait

Tesla

Nikola

Tesla

electricity electric cars okay now we're getting somewhere an attempt at true American rivalry perhaps founder Jia Yu ting aka whitey is a Chinese businessman and has numerous ventures and startups to his name starting his career as a tax office tech support in the Shanxi province whitey entered the communication industry whitey founded li calm in 2004 a technology company in one of the largest streaming services for on-demand movies and TV shows aka the Netflix of China Whitey's many businesses include the lace she Holding Group formerly known as Li TV he...
how tesla killer faraday future went bankrupt
founded the smartphone company Li echo and li sports part of Li calm whitey having amassed a fortune through his business in China had already started chasing a new dream when

Faraday

future

came into the evey industry it had equipped itself with a star cast of game-changing employees from a great number of companies from 2014 to 2016 which included Stacy Morris from BMW David Wisniewski of the Ford Motor Company and James Chen along with a whopping 1,500 plus employees from

Tesla

the introduction of

Faraday

future

to American 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 because of all the secrecy that surrounded its origins however whitey later clarified that he introduced

Faraday

future

to take on tech giants Google

Tesla

and Apple who are working on their own versions of electric car in 2016

Faraday

future

announced its entry into the US market at Palace of Fine Arts in San Francisco claiming to challenge

Tesla

and of cost of our companies that have shown great electric vehicles and what they can do while these companies inspire us really what they're doing is just a slight progression on where we've been before what already exists unfortunately for the company the group of highly experienced and expensive veterans who were headhunted from

Tesla

Google and Ford did not stay there because the gradual downfall of the company on November 2015

Faraday

future

...
how tesla killer faraday future went bankrupt
had announced its plans to build a manufacturing plant in Nevada with a billion dollar investment you know the same state where

Tesla

was already building its Giga Factory the stage was set for

Faraday

future

but later the company dropped the idea of its mega factory due to financial issues even after the Utah government offered 1.3 billion dollars in tax incentives in 2017

Faraday

future

made a big splash at CES with its luxury SUV the ff9 one was involved with huge fanfare at the consumers Electronics Show CES in Las Vegas this flagship model priced at around $180,000 as per inside information looked futuristic and promised to be loaded with the latest and in-house tech in terms of looks the car did make

Tesla

look like amateurs even Michael Bay paid five million dollars to use the ff9 one in the movie Transformers the last night

Faraday

claims that the car accelerates faster than the

Tesla

Model S or any other electric car in production at zero to 60 in 2.3 nine seconds

Faraday

claim that the ff9 one was the fastest production vehicle at that time not anymore apart from that the main difference between

Tesla

and ff9 one is that the former is a production vehicle and the

Faraday

is not the features on offer and quality of the material combined with a possible range of 482 miles when driven at 55 miles per hour made ff9 one look like a true

Tesla

killer

and that could be seen in the response that the car garnered at CES unfortunately

Faraday

's car did not respond during...
how tesla killer faraday future went bankrupt
the unveil it was a huge embarrassment for the company it was an awkward moment when the car just refused to respond Nick Sampson then product architect and VP was almost apologetic to whitey but nonetheless hiccups happened and thousands of reservations were placed the company announced that production would start by early 2018 and then it

went

bankrupt

Faraday

future

was funded for some part by whitey himself but most of its funding came from Chinese investors most of which were small businesses who were assured a low-risk investment with returns worth 10 times the amount he also sought investments from China's questionable banking systems what are the former investors that the companies had said to the Guardian that many big investors were willing to invest millions of dollars in the company only on the condition that giu tang steps down from his post as the CEO of the company in 2017 Ju Tang fled from China to escape the debt of millions of dollars but he landed in a similar place when it came to his American startup business

Faraday

future

he filed for chapter 11

bankrupt

cy in the US many investors didn't want to invest money in

Faraday

future

due to Whitey's reputation and bad decision-making most of the investment offers that

Faraday

future

God wanted whitey to step down but he was not willing to give up control of his company

Faraday

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's easy to make a car but mass manufacturing on the other hand not a cakewalk whitey accumulated over 6.6 billion dollars of debt in total while repaying only 3 billion as of today Saturday

future

was forced to sell its headquarters for 500 million dollars to keep the company alive whitey has since stepped from the post of CEO but is not altogether out of the company manufacturing cars is no easy feat we all know that Elon

went

nearly

bankrupt

in order to keep

Tesla

alive during the financial crisis of 2008 but the main difference between Elon and whitey is that one is doing it to change the world and we knit off crude oil while the other we don't know

Faraday

future

tried to replicate

Tesla

in every way possible copying other businesses and ventures might work very well within China but one thing you can't replicate is your passion zeal internal drive and engagement with meaningful work that makes one a true entrepreneur before I end this video I just want to say that we do need entrepreneurs following in the path of Elon Musk not literally but in the path that makes your life meaningful we can't blindly follow in someone else's footsteps we all have our own journey we still can't write off

Faraday

future

as a failure maybe there's still a light for

Faraday

future

at the end of the tunnel I personally hope

Faraday

future

succeeds we need many more players...
in the evie business it surely will encourage more competition in the evie sector with that being said we leave you right here do like the video and subscribe if you'd like to see more of our videos see you next time my own