How the man who challenged Tesla went bankrupt


Faraday Future, an electric-vehicle company based in California, generated a lot of buzz when it poached top talent from companies like Tesla, BMW, Audi, Ford, and Ferrari. The ambitious company was cofounded and largely financed by Jia Yueting, a millionaire mogul who owns a multibillion-dollar media conglomerate in China.
In 2017, a court in Shanghai issued a freezing order on Jia’s assets, and Jia was named to a debt blacklist after he left to California to helm Faraday Future and refused to return to China to pay more than 470 million yuan. In 2018, Jia, $3.6 billion in debt, filed for bankruptcy. Unable to find another financier, Faraday Future furloughed all essential employees and applied for government financial assistance.
Jia is no longer a majority investor in the company nor its CEO; however, he remains in a senior role as a chief product and user officer. Faraday Future, helmed by a new CEO, relaunched its first production EV, the FF 91, this past November.
Visit Business Insider’s homepage for more stories.

The following is a transcript of the video:

Narrator: In 2015, Faraday Future was a California-based electric-car startup with deep pockets in China and ambitions to take on the world. It assembled, seemingly out of nowhere, a star-studded cast of top executives from Tesla, Audi, Lamborghini, BMW, Ferrari, Volkswagen, Ford, and Google, united behind a forward-thinking vision of jump-starting the autonomous, connected electric-car ecosystem. Or developing a car subscription service. Or inventing a drivetrain that could be mounted to any type of vehicle. Or putting this…Batmobile car into production? Wait, were they serious? OK, in 2015, Faraday Future’s actual plans were a mystery. But with a 1,500-person workforce, over 100 employees poached straight from Tesla, a foot planted firmly in Los Angeles, and an agreement for a $1 billion factory in Nevada, …read more

Source:: Business Insider

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *