What does Don Meredith have to do with anything?GRA wrote:...
Where's Dandy Don when we need him?
https://www.youtube.com/watch?v=CtGxusvUT3kpalmermd wrote:What does Don Meredith have to do with anything?GRA wrote:...
Where's Dandy Don when we need him?
https://insideevs.com/faraday-futures-b ... y-departs/UPDATE: Faraday Future founding executive Dag Reckhorn has resigned, leaving Jia Yueting as the sole remaining founding executive. His departure letter explained the decision in part:
“I am heartbroken to have to let you know, that I will leave FF effective today. There are legalities that force me to do so. Please do not believe that I am ditching the best team I ever worked with.”
https://insideevs.com/faraday-future-em ... -campaign/Faraday Future Employees Start GoFundMe Campaign
Brother, can you spare a dime to keep a dream alive?
The auto industry is famously difficult to break into, but when Faraday Future first appeared on the scene with a billionaire backer there was hope that the same lightning that had struck Tesla might also put the spark of life into this new venture. Since then, times and fortunes have changed. Dramatically. So much so that the few FF employees that remain have started a crowdfunding campaign to help their laid-off comrades pay their bills while their employer looks for more investment capital to keep the company alive. . . .
Apparently, even a small legal victory and the release of an inspirational video wasn’t enough to keep the band together, and founder and CEO Jia Yueting said goodbye to the final three members of his founding five group of executives last week.
As Yueting casts about for $500 million in fresh funding, his employees are trying to raise a more modest $50,000. The “FF Manufacturing Family Funding” campaign on GoFundMe, started by the manager of tooling and equipment for Body-in-White production Hector Padilla, seeks cash to ease the burden on those affected most by the downward turn of events — manufacturing partners who were laid off or put on mandatory furlough.
It’s having a modicum of success. As of this writing, it’s collected $16,602 after only five days of its expected two-week life. We wish them good luck in reaching their goal.
https://www.greencarreports.com/news/11 ... eover-plotFaraday Future sues investor claiming takeover "plot"
Not mentioned here before, AFAIA, and the first I'd heard of it. Not that I think it matters, as the company appears to have been loaded onto the plague cart, and this amounts to feeble cries of "I'm not dead yet".palmermd wrote:This is really old news.
https://www.greencarreports.com/news/11 ... ays-futureWith cease-fire agreement, spark flickers toward Faraday's Future
. . . The company, which sputtered to a start building prototype electric luxury cars last year, then was abruptly knocked out when its new Chinese financial backer withheld funds in a contract dispute, has reached a new agreement with its benefactor, with each side agreeing to retire lawsuits against each other, and Faraday receiving the green light to seek new investment.
The company controls a leased factory in California and has several prototype vehicles, but furloughed most of its staff last year after it ran out of money in a power-control plot that looked cut from the script of a cheesy wrestling show.
Along with that staff went all five of the company's founding executives, including Peter Savagian, a member of the original GM EV1 team, and Dag Reckhorn, the former head of Model S manufacturing at Tesla. The only founder left is the company's original financial backer, Jia Yueting, a collegial fellow known with affection within the company's ranks, but who sits at the center of many of its controversies.
In November, Faraday received permission from a Hong Kong court to seek up to $500 million in new investment as it worked to settle its differences with its primary backer, Evergrande Health group, a health insurance company in Hong Kong. . . .
What is less clear is where any new funding might come from for a company with a few roughly assembled prototypes and a leased factory, but no experienced executives to run it. Many of the furloughed factory workers may well still wish to come back to Faraday, but many others will have to be replaced by new workers who would have to be trained from scratch.
I think a better analogy is the running gag on SNL Weekend Update during the original cast period. "Generalissimo Francisco Franco is reportedly still dead...."palmermd wrote:Perhaps they should change the name from Michael Faraday to Mark Twain.
Rumors of their death have been spread for years. Most of it is just click bait articles that are written to attract views and don't have any firsthand knowledge of the company.
But I agree that their situation does not look good. Odds of pulling out are not great.