Thanks to the new paradigm of electric vehicles, the automobile market is facing a period of great upheaval. With Tesla as its representative, small startups can compete with big automakers such as Lucid and Libian. Indeed, among these, Tesla has also become a giant car company.
But not all companies are doing as well as these. In particular, start-ups often get ruined even if they go well. Then, where is the representative of an electric vehicle startup that is not resolved?
With successive topics and excellent marketability, What is an electric car I even heard the sound, but now I’m going downhill burning It’s a Faraday Future. Faraday Future was a very promising electric vehicle startup. In particular, it was even counted as the most anticipated electric vehicle in the early days of the company.
Faraday Future is a Chinese in April 2014 Zawetting Founded in California, USA. Zawetting is He is the most important person to Faraday Future, in the good or the bad. Because this person is always at the center of all controversy.
The name Faraday Future comes from Michael Faraday, an 18th-century British scientist. It’s like the electric car company Tesla taking its mission from Nikola Tesla, an engineer and inventor.
Michael Faraday is a man who may be called the father of electric cars coming out now, because he has uncovered how electric motors work and how electromagnetic induction works.
The process of Faraday Future’s downfall cannot be talked about except for the CEO. Jaweting, who has a dream as big as the company’s name, is a businessman with strong showmanship. He has amassed enormous wealth as the founder of LeEco, who was criticized for being Chinese Netflix. However, Jaweting was not satisfied with this, and began to forcefully expand Rueko to grow it into Apple in China.
He went beyond streaming to hardware manufacturing, but no one could be Apple. Eventually, Rueko’s profits began to decline, and the company gradually declined. However, at this time, Jaweting went to the United States and founded Faraday Future.
In the early days of its establishment, Faraday Future’s evaluation was very high. It seemed to have a vision and technology, so it was praised as the best start-up for electric vehicles. Thanks to that, I received a pretty good investment, but here Wetting The journey began.
Faraday Future in 2015 KRW 1 trillion With the above funding, he announced that he would build a factory in the middle of the Nevada desert. However, as confirmed by the recent disclosure of whistleblowers, it is said that the opposition from practitioners at the time was intense. To build a factory in a desert with no infrastructure Not really Because I heard a lot.
Inside the company, it was suggested that Mitsubishi and Honda should rebuild the abandoned factories that were abandoned. It’s a place where cars were originally made Initial cost Because it costs much less. But the CEO Wetting On the contrary, in the end, we started building factories in the desert, and in 2017 Due to financial problems Construction was stopped.
In the same year Zawetting is Porcelain company in china Russian eco In the CEO position Expelled and driven into debtors. This is because it was not covered by the excessive octopus food business. Faraday Future’s short history has already started to go downhill from here.
People inside the company at that time Zawetting Tesla’s Giga Factory He said he did that because he was so conscious. I dreamed of a futuristic factory located in the middle of the desert, but in the end the money was spent and no results came out.
after Zawetting is Russian eco Beyond debt in China due to sluggishness Financial fraud They are on the verge of raising charges. Faraday Future’s mass production schedule continues to be delayed due to cuts in China’s funds and factories that have not been built. From then on, the bankruptcy began in earnest. Faraday Future’s investment has run out.
In order to somehow hold on, employees cut their salaries or continue to take time with forced unpaid leave, but in the end the underlying problems were not resolved. finally Zawetting is The US also filed for bankruptcy. Now, to pay off his debt, he has sold all of his Faraday Future shares and left the CEO position.
While serving as CEO, Jaweting has been in trouble every day because of his extravagant life. While living in California, he lived in extravagant mansions worth over 50 million won per month, and criticism continued for being too wasteful.
There were many problems in the work side as well. Although he has been scouting the best experts in the US and European automobile industries, the company’s senior positions have never listened to the experts he brought with him for expensive money while employing the Chinese he brought.
However, thanks to these experts, the unveiled concept cars were really good. If even this wasn’t good, the Faraday Future would have long since disappeared. In particular, the FF 91, which will be the base of mass-produced cars, was a really outstanding car. The car itself was competitive in both performance and design, but cars that could not be mass-produced are only ornaments.
Faraday Future hasn’t been ruined yet. The biggest news recently is Jawetting’s resignation from CEO and Kasten Brightfeld taking over as CEO. He is an industry veteran with over 20 years of experience at BMW.
His major achievements are the launch of BMW’s electric vehicle sub-brand i and the successful development of BMW i3 and i8 and settling into the market. It can be said that he is a person who has a brilliant overall and has a good knowledge of electric car branding. But in Faraday Future, Jaweting still has a shadow. Jawetting came down from the position of CEO, but became’Chief Product and User Officer’.
The future of Faraday Future with the new CEO is still skeptical. The funding problem, which was rushing right before bankruptcy, has been improved somewhat by receiving money from private equity funds since last year. However, there is still no clear production schedule and the company’s vision is changing.
Originally, it was planned to sell all over the world as’American cars’ produced in the United States, but the absence of factories made it impossible. To overcome this, Faraday Future changed its direction to consignment production in China. Like Apple and Foxconn, they will produce vehicles without their own factories.
To solve the company’s fundamental funding and production problems, Faraday Future took two approaches. The first is to attract investment by listing on NASDAQ in the US through a bypass listing. To do this, Faraday Future recently merged with a company called Property Solutions Acquisition Corp (PSAC).
However, in recent years, the United States has been very sensitive to the bypass listing of Chinese companies. There is growing recognition that a normal company does not need to be listed by way of the way, because there were many Chinese companies that were delisted within a few years after gaining great gains from stocks after somehow only listing them through by way of listing.
And whistleblowers from former employees have continued recently Popping out In progress. Wetting The perception that Faraday Future itself is a fraud, due to immoral management and poor performance, continues to spread in the United States, which has a great negative impact on investment.
It is also a big risk to throw away the US car label and force production in China. This is because the image of Chinese-made products is not good in the world. Anti-Chinese sentiment after the coronavirus also contributes to this.
Faraday Future’s position is that the Chinese market is so large that it has decided on consignment production in China to target both the global market and China. But as soon as this happened, I started to hear the sound of Chinese tea.
The price of the announced vehicle exceeds 200 million. However, the prospect that it will not sell at this price tag is dominant in China. In China, “it started pretending to be an American car, but if it was produced in China, it would be no different from a Chinese startup.”
Chinese auto reporters are saying that in order to be competitive, prices must be lowered to 50 million won. But the anxiety element doesn’t end there.
Faraday Future has set up a new subsidiary in China to fully promote China’s consignment production. The subsidiary, named Papa Motors, plans to produce Faraday Future vehicles in cooperation with China’s Geely, which is famous for Volvo.
Unfortunately, however, the representative of Papa Motors is also Jaweting’s son-in-law Prince Wei. Wang Zhao Wei is also the CFO of Faraday Future’s Chief Financial Officer. This is the reason why it is said that they are all huge scams in the United States because they are woven and woven together.
Even if it is not a fraud, entering the global market becomes more difficult if production starts in China. The fact is that there are no Chinese tea brands sold worldwide.
It is a very regrettable brand. I keep mentioning it, but even if the FF91 is mass-produced, it is because the quality is comparable. There is no case in history, but I wonder what Faraday Future would have been like if the factory was renewed in the Nevada desert in 2015 and started production early.
According to the interviews of former employees after leaving the company, Faraday Future Partying Say with your mouth that you need to drop it. I think I know why.
The reason why’this company’ that was catching Tesla suddenly collapsed
Written / Daki Post
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