Faraday Future set to unveil their future at CES
LAS VEGAS (KSNV News3LV) —
Faraday Future expected to unveil production-model vehicle
Faraday future will finally unveil the car that could forever change a city on Tuesday. The electric car company is only two-years-old, yet promises to change the auto industry but today there are more questions about the company behind the wheel than the car itself.
Steve Hill from the Governor’s Office of Economic Development is the latest to change their tune on Faraday. The Las Vegas Sun writing of Hill "he expects the Chinese-backed company to produce a car as quickly as it can on a smaller scale than originally intended and then work toward a full factory."
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We were first drawn to concerns by State Treasurer Dan Schwartz who questioned the company’s financial future. Bluntly telling us “I think he (CEO Jia Yeuting) is out of money.”
To understand the concern you need to understand the complicated business around Faraday Future.
The company was handed an incentive deal worth three-hundred-million-dollars by the state in exchange they will build their factory in North Las Vegas. Work on that factory abruptly stopped in November. The company has said they were ahead of schedule and shifted money to build their car. But twenty-one million dollars in missed payments to their construction company AECOM raised eyebrows.
Their office in North Las Vegas City Hall, we're told, is still mostly vacant. Faraday Future is owned by the Jia Yeuting a Chinese billionaire behind tech company LeEco. He owns a streaming company called LeTV, a cell phone company, recently purchased US TV maker Vizio, owns another electric car company called LeSee, developed a smart bike, and is working with Aston Martin. It is believed that his projects are all funded, mostly, by Yeuting himself.
In a letter to employees leaked to the Global Times early in November, Jia said they were stretched thin. Citing a "lack of momentum" he cut his salary to one penny.
Schwartz believes the Faraday dream is over. “Personally I think this is over," he told us. “I think it was over pretty much before it began.”
As for Faraday Future, they are confident, excited, and talkative on Twitter. The company posts regular videos teasing the car that they hopes can rival Tesla. But outside of social media, they are silent.
We had an interview scheduled with Nick Sampson of Faraday Future the day before their unveiling. The company canceled.
On Tuesday, all eyes will be on a car that no outside eyes have seen. The promise to change an industry or a broken promise to change a city.