If you're rooting for Faraday Future to succeed, you might want to temper your enthusiasm a bit. Buzzfeed News is reporting on a range of problems facing the company related to financing its operations, mainly concerning missed payments to suppliers and vendors. It's gotten to the point where one supplier, Futuris, has sued the company, alleging that Faraday owes it $10m, of which $7m is more than 30 days late.
Futuris isn't a familiar supplier to American consumers, but they develop seating and interior components for several Chinese manufacturers and major carmakers like Ford, GM, and Toyota (although it's not clear if these are for cars sold here or abroad). A second lawsuit, from a warehouse owner in Southern California, has sued FF claiming more than $100k in missed payments, BN reports.
This comes on the heals of a report from October that Faraday was more than $46m behind on construction payments to contractor AECOM.
BN claims to have received the information from former employees, including some documents that appear to corroborate the ex-worker's claims that the company has a total of $300m in debt on the books, largely from missed payments. Autoblog hasn't been able to independently confirm the report, but it squares with other reports of financial issues at the new automaker.
BN's report is compelling, especially the part about the nebulous relationship with Faraday's Chinese parent company, LeEco, which is working on its own car. It's worth reading the whole thing if you're interested in the entire Faraday situation ahead of this year's CES.
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Futuris isn't a familiar supplier to American consumers, but they develop seating and interior components for several Chinese manufacturers and major carmakers like Ford, GM, and Toyota (although it's not clear if these are for cars sold here or abroad). A second lawsuit, from a warehouse owner in Southern California, has sued FF claiming more than $100k in missed payments, BN reports.
This comes on the heals of a report from October that Faraday was more than $46m behind on construction payments to contractor AECOM.
BN claims to have received the information from former employees, including some documents that appear to corroborate the ex-worker's claims that the company has a total of $300m in debt on the books, largely from missed payments. Autoblog hasn't been able to independently confirm the report, but it squares with other reports of financial issues at the new automaker.
BN's report is compelling, especially the part about the nebulous relationship with Faraday's Chinese parent company, LeEco, which is working on its own car. It's worth reading the whole thing if you're interested in the entire Faraday situation ahead of this year's CES.
Related Video:
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