Faraday Future



Faraday Future

Faraday Future

Faraday Future has hit another rough patch (and no, they still haven't built any production cars): The luxury EV startup that previewed a 1,050-hp EV last year is cutting employee salaries by 20 percent, in addition to laying off other employees. News of layoffs and salary cuts comes days after main company backer Jia Yueting, who heads a telecom giant in China, entered into arbitration with another financial backer, China's Evergrande Health, which had pledged a $2 billion investment over three years in the struggling EV maker in exchange for a 45 percent stake in the company. Faraday Future claims, among other things, that Evergrande has been withholding funds from the company. The EV startup burned through $800 million by the middle of 2018 and was seeking an installment of $700 million from Evergrande as operating cash for the remainder of the year, which was expected to see the start of production for the FF 91. Evergrande allegedly refused to provide the $700 million, which triggered the arbitration that is being conducted in Hong Kong. "After its initial $800m investment, Evergrande agreed in July 2018 to make further payments earlier than originally agreed, including $500m of the $1.2 billion, in 2018," the automaker said in a statement earlier this month. "Contrary to what Evergrande has told the press and its shareholders, neither FF’s CEO YT Jia nor anyone else 'manipulated' the board of Evergrande in reaching these agreements. In agreeing to bring a portion of its payments forward to 2018, Evergrande had a full understanding of why the funds were needed, and when they were needed, in order to achieve production and delivery of FF 91 in 2019.......

read more...

Menu

JarAutoNews

Auto News

Audi Sport toying with a road-legal GT3-inspired R8

-

Filed under: ,,,,,

RWD challenger to the 911 GT3 and AMG GT Black Series.

Continue reading Audi Sport toying with a road-legal GT3-inspired R8

Audi Sport toying with a road-legal GT3-inspired R8 originally appeared on Autoblog on Wed, 26 Jun 2019 08:30:00 EDT. Please see our terms for use of feeds.

Permalink |  Email this |  Comments


This Golden 1968 Mustang GT500 Is a Thoroughly Pedigreed Pony Car

-

The 2020 Ford Mustang GT500 is without question the highest-performance Mustang ever. Its 5.4-liter supercharged V-8 makes 760 hp and 625 lb-ft of torque through a seven-speed dual-clutch automatic, all wrapped up in a lightened and aerodynamically optimized body. It’s a seriously impressive machine, made more so by seeing how far the GT500 nameplate has […]

The post This Golden 1968 Mustang GT500 Is a Thoroughly Pedigreed Pony Car appeared first on MotorTrend.

Other News

Junior's Auto Repairs

MSO Introduces McLaren 720S Pacific and Track Themes

McLaren Special Operations has cooked up more special editions of the 720S. The automaker announced it has delivered the first 720S vehicles to wear the Track Theme and Pacific Theme designations.

read more...

Junior's Auto Repairs

Forza ,car pack, free Porsches and...

The update also gives users a pair of Porsches. Just for downloading the update, you’ll receive a 1971 Porsche #23 917/20 and a 2019 Porsche 911 GT3 RS. The free Porsches are....

read more..

Junior's Auto Repairs

WAYMO COMMERCIAL SELF-DRIVING SERVICE IN PHOEOIX

The company said it is keeping the launch group intentionally small, because it does not know how much demand will be for the robotaxis. Waymo did not offer much in terms of detail on how much the service will cost. Riders will see price estimates before they accept a trip, based on factors including time and distance to destination. The minivans can carry up to three adults and one child at a time.....

read more..

Image

Schedule Appointment Today!

Have your Vehicle Services or Repaired Today!