Oh the irony – after recruiting several engineers from Tesla during its glory days, troubled Faraday Future is now losing its employees to Tesla.
Faraday Future’s future may not be so bright
What was once touted as Tesla’s competitor and a rising force in the EV market is now struggling to stay relevant. The EV start-up started gaining attention as it was backed by the Chinese billionaire Jia Yueting and his company LeEco, also known as the Netflix of China. However, as questions were raised over the exact role of Jia and the sudden departure of multiple senior executives, rumors started to circulate, claiming the company’s FF91 concept wouldn’t be unveiled at CES in January after all.
Thankfully, Faraday Future did manage to unveil the FF91 concept, but not only was it unsuccessful in creating enough interest, but further financial troubles have been an obstacle to the construction of the Nevada factory where the FF91 concept is supposed to be manufactured. Although the company did hire former BMW/Deutsche Bank CFO to manage its finances, Jia’s recent stepping down as LeEco’s CEO and LeEco’s troubles in the US are refuelling rumors that Faraday Future might not be the disruptive force that industry watchers once thought.
Many of its employees certainly seem to agree. Electrek reports that just over the last month or so, several key employees have left Faraday Future in order to join other companies, namely Tesla. Robert Taylor, for instance, was a studio engineer at Faraday Future, and Yong Dian Jian was a computer vision engineer, both of whom have been snapped up by Tesla.
With LeEco rolling back its US debut and cleaning up its rash investment mess, it’s unclear whether Faraday Future’s alleged financial problems will be a top priority for Jia. The company’s future seems as stalled as the progress on its Nevada factory for now.