Everyone knows that all-electric cars are the future of automotive transportation. Tesla is currently dominating the electric car market, with over 400,000 of their Model 3 cars already on the road or on reserve for anxiously-waiting buyers.
A new contender, Faraday Future, is seeking to usurp Tesla’s throne, unveiling the prototype of their flagship model, the FF91, at CES earlier this week. But, while the FF91 is impressive on paper—with outstanding horsepower, torque, and acceleration to match its sleek styling—money woes may lead Faraday Future to shutter their plant before it’s even built.
Talking the Talk? Check. Walking the Walk? Well…
Following their CES presentation, Faraday Future tallied over 64,000 reservations for the FF91, with an undisclosed number of potential buyers laying out five grand for a (refundable) priority reservation. Not bad, but nowhere near the 232,000 pre-orders Tesla received when they first announced the Model 3. Still, the upstarts aren’t concerned.
“While some people think [being] a new company puts us at a big disadvantage, we think that our clean sheet is one of our greatest strengths,” Faraday Future Senior Vice President of R&D Nick Sampson said at the start of the FF91 presentation.
Those $5,000 priority reservations are likely the key to Faraday Future’s, um, future. The prototype FF91 on display at CES is the first, and so far only, actual, drivable car the company has built. And without the influx of cash from pre-paid pre-orders, the company may not be able to finish construction of their assembly plant. During the presentation, a brief video announced the end of “phase one” of construction, which, from the look of it, consisted solely of digging a big-@$$ hole. The video promised that phase two of the project would begin “shortly.” My prediction for phase two: fill the hole with water and POOL PARTY!
Since Faraday Future’s debut at last year’s CES, there’s been gallons and gallons of speculation about the company’s progress. The ol’ rumor mill says the company is essentially out of money; that without said money they cannot continue into phase two of building their plant; and that without a fully operational plant, they won’t be able to meet production deadlines.
The rest of the company’s presentation didn’t do a great job of instilling confidence in this writer’s opinion. Wikipedia was cited as a source at one point, for Pete’s sake. You’re not writing a seventh grade book report, guys.