Faraday Future still hasn’t built a car and already its death watch has begun.
Premature death isn’t necessarily uncommon or unprecedented in the auto industry. Starting a car manufacturing business is one of the hardest endeavors to begin because of the outrageous costs of entry, strict government regulations, and long timeline to profitability.
Many of the new car companies that have been attempted eventually fail. It’s a sad truth, and we’ve lost some exceptional innovation in the last century of auto manufacturing.
Faraday Future may end up on the long list of failed and forgotten car companies by the end of the decade if the company continues down the path it appears to be following.
Faraday began with promises of an automotive revolution and was surrounded with exceptional hype. Shrouded in mystery, all we knew was that a Chinese billionaire had invested in the startup American automaker. As time passed, the company unveiled a couple of concepts to mild acclaim and promised a 3-million-square-foot manufacturing plant in the Nevada desert along with a second plant in the Bay Area of California.
But those promises are facing some stark realities. One plant is completely off the table, and another has stopped before it even got started, much like the automaker itself.
Is this is a sign of what’s to come?
Plans for the Bay Area plant have been cancelled, or at least temporarily shelved, while the Nevada plant appears to be in severe financial trouble.
Leftlane News says,
The Bay Area production intention has been easily forgotten as Faraday Future’s financial viability continues to be shrouded in doubts. The plan came to light just one month after FF ‘broke ground’ at its Nevada factory early last year. Amid reports of overdue payments to contractors, the company scaled back its plans from 3 million square feet to 650,000 square feet but no buildings have been erected yet.
To sum up: Faraday Future has shown two concepts, has generated mild buzz, is already scaling back production plans, is having trouble paying its bills, and has no immediate plans for producing or selling cars. This is not a recipe for automotive success.
The Faraday death-watch clock is running, and it may not have many ticks left.
What automakers from the past do you wish were still in business?