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Faraday Future faces temporary delay over unpaid construction bills
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  • Faraday Future faces temporary delay over unpaid construction bills

Faraday Future faces temporary delay over unpaid construction bills

tech2 News Staff • November 25, 2016, 14:11:34 IST
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One of the reasons for the financial issues could be due to the company’s biggest investor LeEco publicly announcing that it is low on cash flow.

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Faraday Future faces temporary delay over unpaid construction bills

From what we last heard, Chinese-backed American startup Faraday Future had applied for number plates for self-driving vehicles from officials at the Michigan Department of Transportation. We have some update and it doesn’t look very good. According to reports, the electric vehicle maker is now facing some difficulties and might not be able to hit the deadline for shipping its first range of cars in 2017. The company’s factory to produce the cars is not yet finished. Faraday Future’s manufacturing facility in Nevada began construction in April, however, it has since been paused. State treasurer Dan Schwartz spoke to Financial Times and said that the company hasn’t paid bills that the company owed to its construction partner. One of the reasons for the financial issues could be due to the company’s biggest investor LeEco publicly announcing that it is low on cash flow. The Chinese tech giant had also confirmed that it is facing cash issues because of investment in the EV production. Of course the factory construction delays are temporary. According to general contractor Aecom construction should resume by early 2017. This means that the company will definitely face issues in producing their EVs. Financial Times apparently spoke to a former employee who said deliveries to potential customers in 2017 seems to be difficult. Faraday Future is also expected to showcase its first production ready vehicle at CES 2017. It recently  showcased its crazy concept electric vehicle called the  FFZERO1 which features a 1000bhp electric engine.

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