More trouble for Faraday Future: He lied about bookings for his first electric car (and more)

Faraday’s future is a Chinese-American start-up that plans to bring the FF91, a flashy electric car with very pumped technical specifications, but which at first glance seemed really interesting. At launch, it was actually the only one that focused on sensors LiDAR for autonomous driving.

There was also Faraday Future supporting the company Jia Yuetinga well-known Chinese entrepreneur, who more or less simultaneously decided to launch a very similar project also through his company, presenting the electric car The See. The similarities were so numerous that one even came to believe that the development was practically parallel.

Faraday's future

However, Yueting’s fate was unfavorable and after his financial difficulties, Faraday also began to sink. Several times over the years there was talk of bankruptcy, with successive restarts, until the last change at the head, with the role of CEO assumed by Carsten Breitfieldformerly of Byton (also ended not too well).

Probably precisely within the framework of the clarifications of the financial situation, it is discovered that Faraday had to admit, before the American Securities and Exchange Commission (SEC), that he had lied about the number of reservations receivedand that the previous statements “they may have misled“.

Faraday's future

Of the approximately 14,000 vaunted bookings, in fact a few hundred had been paid, while the rest were just free expressions of interest. But the troubles don’t end there. It would also appear that some managers and employees, with the aim of redressing the company’s situation, have minimized the role of Jia Yuetingduring “Mr. Jia’s involvement in the management of the Company was greater than represented for some investors“.

Meanwhile, executive Jarret Johnson was fired from the company, vice president Jiawei Wang was suspended without pay, while CEO Breitfield and Jia himself took a 25% pay cut. Faraday Future isn’t giving up, but this seems to be the last desperate moves.