Faraday Future's EV the Latest To Suffer Delays & Questionable Biz Plan

Another EV startup promising so much has trouble just finishing its factory.

How do you make a billion dollars in the EV car market? Start with two. This and other common quips seem to be starting to apply to Faraday Future, an EV startup that makes big promises, but has never shown a production vehicle to the public.

News this week is that the company’s $2 Billion factory in Nevada has had a work slowdown or stoppage. Outlets from Green Car Reports to Autoblog are reporting trouble with the EV startup. In October, Green Car Reports said that “Faraday broke ground on the factory in April, although significant work did not begin until July. Now, it may have halted altogether.” Autoblog compiled news reports that indicate “…has recently been severely behind on construction payments, risking the work stopping if payments were not brought up to date.’

Faraday Future is just the latest electric vehicle company to tease a new EV that is always just "Two years away.” Unlike mature automakers that do years of research and development, multiple prototypes and then bring forth a functional concept car a few months before the official launch, EV companies survive partly on news and hype. By promising a grand scheme and trickling forth carefully crafted images and specifications to pique interest, the companies hope to then garner the funding and customer support they will need to do what most automakers complete before anyone even hears about a new model.

We wish Faraday success and look forward to driving the amazing car that is just two years from being available in dealers everywhere.