China Futuristic Car Maker Faces Problems At CES
A new car seems to be outpacing Bentley, Tesla, and Ferrari. It speeds through videos posted by the little-known carmaker Faraday Future. The company that lives up to those clips could make or break the story of CES this 2017.
According to reports, the company has already foreseeing to conduct a demo in Las Vegas on Tuesday. Despite the opinion of the critics with regards to the company status, In CES-themed tweets, Faraday Future also known as FF touts a car that can "defy gravity".
In Faraday Future tweet, the FF called out its critics saying that "skepticism and negativity only strengthen our conviction."
Faraday Future bills itself as more than just a car company. It wants to sell a "virtual ecosystem," which it defines in vague terms. As the new information emerges with regards to its operations in business, people are wondering what kind of company Faraday Future that is becoming less clear as the latest information rises.
According to The Verge, in the past three weeks, there are several news reports that reveal the company's instability like outlining unpaid bills, hundreds of millions of dollars in unaccounted liabilities, and hundreds of staff departures.
The Faraday Future bravado comes after the damaging headlines claimed that the company is on the brink of collapsing because of its Chinese backer, LeEco currently faces a shortage of cash.
Jia Yueting said that LeEco was currently facing problems and is currently seeking for investors of its own. The Faraday Future's global CEO, LeEco co-founder Ding Lei had already stepped down
"If they don't find money after CES, they will be out of money by February," said the former executive.
The company has surfaced in 2015 and the Faraday Future promises to bring the car to the market this year with "no internal combustion parts whatsoever,". According to Daniel Newman, the principal analyst and founding partner of the Futurum Research, the car market has learned to look past the cool types of prototype cars.
However, of the Faraday Future will end up offering a custom built cars without a widespread manufacturing and distribution setup, the virtual reality could be a key differentiation for the company.