Faraday Future

Faraday Future Inc.
Company type	Public
Industry	Automotive, Technology
Founded	May 2014; 12 years ago
Founder	Jia Yueting
Headquarters	Los Angeles, United States
Area served	United States, China, United Arab Emirates (planned)
Key people	Xuefeng Chen (CEO), Jia Yueting (Founder, Chief Product and User Officer)
Products	Electric vehicles
Number of employees	1000 (2016)
Website	faradayfuture.com

Faraday Future Inc. is a U.S.-based technology firm established in 2014 with a focus on the creation of electric vehicles. Headquartered in Los Angeles, the company commenced vehicle production in 2023 and distributes its products across the United States and China. By January 2025, Faraday Future had delivered 16 units. Following two financing rounds in late 2024 amounting to $60 million, the company announced a strategic shift toward marketing rebadged vans sourced from China.

History

Founded in May 2014 by Chinese entrepreneur Jia Yueting, Faraday Future is located near Carson in Los Angeles, California. The workforce expanded to approximately 1,000 employees by early 2016.

The company’s name is inspired by Faraday's law of induction, honoring English physicist Michael Faraday, who discovered the principle of electromagnetic induction.

In October 2024, Faraday Future entered into a joint investment agreement with Master Investment Group from the United Arab Emirates to initiate operations and sales efforts within the UAE during 2025 and 2026.

Factory plans

In November 2015, Faraday Future revealed intentions to invest up to $1 billion in its inaugural manufacturing plant. By December of that year, the firm selected North Las Vegas for a $500 million facility to be constructed by AECOM. Groundbreaking for infrastructure supported by Nevada began in April 2016 but was halted in November pending confirmation of the company’s financial health. The project benefited from a $215 million tax incentive and included plans for a four-mile rail spur connecting to a proposed 300 million square-foot factory designed to employ 4,500 workers full-time.

On May 24, 2016, negotiations commenced exclusively between Faraday Future and the City of Vallejo regarding a potential site on Mare Island, aimed at attracting significant local investment. The City Council approved a six-month negotiation period on May 31, 2016. However, Faraday Future withdrew from this arrangement in March 2017 as it refocused efforts on North Las Vegas.

By July 10, 2017, due to financial difficulties, Faraday Future announced it would not proceed with constructing the North Las Vegas facility. The following month, the company leased a former Pirelli tire factory in Hanford, anticipating up to 1,300 employees and an annual production capacity of approximately 10,000 vehicles at this site.

Concept vehicle and other planned vehicles

Faraday Future originally aimed to launch its first fully electric vehicle by 2017 and intended to broaden its product range over time. The company also planned to innovate within automotive technology fields such as alternative ownership structures, integrated content services, and autonomous driving capabilities.

In July 2015, Motor Trend reported preliminary specifications for Faraday Future’s proposed electric vehicle, noting a specific energy density approximately 15% greater than that of the Tesla Model S. The design featured a modular battery system enabling cell replacement and a platform engineered for scalable manufacturing.

At the November 2015 LA Auto Show, then Head of Design Richard Kim highlighted attributes including internet connectivity, onboard entertainment systems, aromatherapy options, and ergonomically designed interiors.

On January 4, 2016, during CES, Faraday Future revealed the FF ZERO1 concept—a single-seat sports car delivering 1000 horsepower and reaching speeds up to 200 mph. This unveiling introduced their Variable Platform Architecture (VPA), intended to accommodate diverse body styles and battery setups; however, no production schedule or specific models were announced. The concept vehicle received criticism for its limited likelihood of mass production.

In June 2016, Faraday Future obtained regulatory approval in California to test autonomous vehicles on public roads.

The brand’s initial production model—the luxury FF 91 crossover equipped with a 130 kWh battery pack and connected car technologies—was showcased at CES 2017. Despite challenges during its demonstration, it amassed over 64,000 reservations within the first 36 hours. The FF 91 boasts acceleration from zero to sixty miles per hour in under 2.5 seconds and is priced below $300,000. Faraday Future intends to develop multiple models based on its Variable Platform Architecture.

In April 2019, the company formed a partnership with Chinese gaming firm The9 to create the V9 minivan specifically for the Chinese market.

Financial difficulties

Towards the end of 2015, Faraday Future projected revenue models more akin to those seen in the smartphone industry rather than conventional automobile manufacturers.

By 2016, skepticism regarding the company's financial health surfaced from former employees and officials. The firm encountered challenges in funding escrow accounts, which raised alarms about its fiscal stability and investment approach. In July 2016, escalating internal financial concerns resulted in halting construction at its Nevada manufacturing facility until half of the promised $600 million funding—$300 million—was secured. Officials from Nevada expressed dissatisfaction with the postponement, a claim disputed by founder Jia Yueting. Among other fiscal obstacles was the necessity to provide a guarantee for a $140 million loan associated with LeEco’s $250 million acquisition of land in California.

Jia Yueting held the position of majority shareholder. Toward late 2017, CFO Stefan Krause and CTO Ulrich Kranz departed following disagreements over funding and liquidity issues; they subsequently established rival company Canoo, attracting several former Faraday employees. Jia then assumed the CEO role, successfully obtained $1 billion in financing in exchange for 25% equity, began settling outstanding supplier invoices, and maintained plans for the FF91’s launch in 2018 despite his personal financial difficulties in China.

In early 2018, Faraday Future secured a $1.5 billion funding pledge from an undisclosed investor based in Hong Kong—$550 million delivered upfront with remaining amounts contingent on achieving specific milestones—using company assets as collateral. By April, the company entered into an agreement to construct an assembly facility within a free trade zone in Guangzhou focused on smart devices and new energy vehicles.

In May 2018, Michael Agosta, former CFO for Ford’s Middle East and Africa operations, joined as Vice President of Finance for North America, signaling renewed commitment to FF91 production. Internal communications suggested the vehicle was approaching readiness for delivery.

August 2018 marked Evergrande Group’s investment of $854 million for a 45% ownership stake; however, by October Faraday Future sought to annul this agreement amid arbitration proceedings with Evergrande. The company announced workforce reductions, implemented a 20% salary cut across all employees, and reduced Jia’s compensation to a nominal $1. Following these changes, co-founder Nick Sampson and Senior Vice President Peter Savagian resigned. By year’s end, workforce reductions were planned to decrease headcount by 40%, from 1,000 to approximately 600 employees due to ongoing cash flow limitations.

In March 2019, Faraday Future established a joint venture equally owned with Chinese gaming company The9 to manufacture electric vehicles within China; The9 committed up to $600 million toward this effort. By May 2019, restructuring initiatives were underway; in June numerous employees on unpaid leave were terminated.

Founder Jia filed for Chapter 11 bankruptcy protection in Delaware court in October 2019 and stepped down as CEO to take on the role of Chief Product and User Officer. Carsten Breitfeld, formerly CEO at competing startup Byton, was appointed as his successor.

By February 2024, Faraday Future faced eviction proceedings at its Gardena, California headquarters due to unpaid rent totaling nearly $918,000. The property owner issued a Notice to Pay Rent or Quit followed by filing an eviction complaint with the Superior Court of California.

Transition to public trading

In January 2021, Faraday Future revealed intentions to become publicly traded through a reverse merger with special-purpose acquisition company Property Solutions Acquisition Corp., valuing the combined enterprise at approximately $3.4 billion. Chinese automaker Geely was expected to participate as a strategic partner to support contract manufacturing operations within China. Additionally, Taiwanese manufacturer Foxconn was anticipated to join as a strategic partner in an unspecified capacity.

Faraday Future commenced trading on the Nasdaq stock exchange on July 22, 2021, under the ticker symbol (NASDAQ:FFAI).

SEC subpoena

On March 31, 2022, the U.S. Securities and Exchange Commission issued subpoenas to multiple executives within Faraday Future’s leadership concerning misleading statements made to investors. Subsequently, on November 26, 2022, the company’s board dismissed CEO Carsten Breitfeld and appointed Xuefeng Chen as his replacement.

Production and deliveries

Faraday Future commenced manufacturing its premier model, the FF 91 Futurist Alliance, at the Hanford plant on March 29, 2023, completing the first unit by April 14, 2023. This vehicle is aimed at markets in both the United States and China.

By June 8, 2023, Faraday Future revealed its initial trio of FF 91 Futurist owners: Rem D Koolhaas, Jason Oppenheim, and Private Collection Motors (PCM), a luxury car dealership located in Costa Mesa, California.

On August 12, 2023, the company handed over its inaugural vehicle to PCM and simultaneously announced a sales partnership alongside a collaboration agreement with world-champion race car driver Justin Bell, who was appointed "Developer Co-Creation Officer" during Monterey Car Week.

Further deliveries included Jason Oppenheim on September 13 and business development manager Kelvin Sherman on September 19 at Faraday Future’s headquarters. Actress and entrepreneur Emma Hernan became the first female owner of an FF 91 Futurist and was also named Developer Co-Creation Officer. On October 8, 2023, founder Jia Yueting received an FF 91 Futurist Alliance at a company-hosted event.

Stock short squeeze

On May 15, 2024, Faraday Future’s shares attracted meme stock traders aiming to initiate a short squeeze against substantial short interest positions, reminiscent of the 2021 GameStop short squeeze phenomenon.

Pivot to second brand Faraday X

By January 2025, Faraday Future had delivered a total of sixteen vehicles. Following two funding rounds in late 2024 that raised $60 million, the firm announced a strategic shift focusing on its secondary brand, Faraday X. In July 2025, it introduced the FX Super One—a van model built upon the Wey Gaoshan platform.

Leadership

As of April 2025, the executive leadership and board members of Faraday Future are:

Matthias Aydt (Global CEO, Board Member)
YT Jia (Founder, Co-CEO)
Koti Meka (Interim CFO)
Tin Mok (Head of FF Middle East; Board Member & Executive Director)
Chad Chen (Board Member)
Sheng Jie (Board Member)
Lev Peker (Board Member)
John Schilling (Global Director of PR)

Previous CEOs

YT Jia (2017–2019)
Carsten Breitfeld (2019–2022)
Xuefeng Chen (2022–2024)

Models

Faraday Future names its vehicles beginning with "FF," followed by two digits: the first digit indicates the market segment—'9' represents premium models; lower numbers correspond to more economical segments; '0' signifies special editions or concept cars. The second digit represents the generation of the vehicle. For instance, FF91 is articulated as F-F-9-1. By January 2025, sixteen units had been sold.

FF ZERO 1

The FFZERO1 concept was introduced at CES in 2016. The "Zero" signifies its concept status while "1" designates it as the initial model. It was promoted with specifications including horsepower exceeding , a top speed above , and acceleration from zero to in under three seconds. However, these figures were never independently confirmed since the prototype was only constructed as a clay and styrofoam mockup. Designed as a single-seat vehicle, it incorporated four electric motors—one per wheel—a glass roof panel, and racecar-style head and neck support systems supplying oxygen and water directly to the driver’s helmet.

FF 91

The production version of the FF 91 was first introduced in 2017. The digit "9" denotes its status as a flagship model, comparable to vehicles like the Genesis G90 or Volvo S90, while the "1" indicates its entry-level position within that category. This spacious crossover SUV achieves a 0 to 60 mph time of 2.4 seconds, powered by a battery that supports an extensive driving range. Notable design elements include rear-hinged suicide doors and automatic opening functionality on all four doors. Inside, it features a prominent infotainment display alongside limited autonomous driving capabilities. Additionally, the FF91 incorporates smartphone app integration and facial recognition technology for securing door access.

By August 2018, Faraday Future had completed its initial pre-production FF91 unit, with manufacturing slated to begin in late 2020 at their Hanford, California facility. Official production commenced in March 2023. The final production model is equipped with a tri-motor configuration delivering a combined output of 783 kW and utilizes a 142 kWh battery pack, providing an EPA-estimated range of approximately 381 miles (613 km). The exclusive FF 91 Futurist Alliance edition is priced at $309,000 and limited to just 300 units globally. As of February 2024, the manufacturer confirmed delivery of 11 vehicles to employees and select influencers.

FF 91 2.0 Futurist Alliance

The FF 91 2.0 Futurist Alliance represents Faraday Future’s premier electric vehicle offering, featuring three electric motors producing a total of 1050 horsepower. It generates an electric motor torque of 1977 Nm and wheel torque reaching 13,285 Nm, enabling acceleration from zero to 60 mph in just 2.27 seconds. The model incorporates a substantial 142 kWh battery pack and boasts an EPA-certified driving range of 381 miles. Cutting-edge technology includes Nvidia DRIVE Orin, two Qualcomm 8155p SoCs, a Super AP 5G modem, and connectivity compatible with AT&T, Verizon, and T-Mobile networks supporting in-vehicle speeds up to 10 Gbit/s. The interior is outfitted with over ten screens combining for more than 100 inches of display area. Although initial deliveries were scheduled for late 2022, they were postponed due to disagreements among investors.

FF 81

Announced as a mid-size SUV targeted primarily at the Chinese market, the FF 81 was also planned for production in California. Despite expectations for a reveal in 2018, this model never reached launch status. In February 2022, Faraday Future entered into an agreement with South Korean manufacturer Myoung Shin to produce the FF81 at a former GM Korea facility starting in 2024; however, no further developments have been reported since.

701-EV

The Faraday Future Dragon Racing Penske 701-EV was an all-electric open-wheel racecar developed for the 2016–2017 Formula E season through a partnership between Faraday Future and Dragon Racing, which was founded by Jay Penske.

Pikes Peak International Hill Climb

In June 2017, Faraday Future participated with a "beta level development" FF91 in the exhibition category at the Pikes Peak International Hill Climb held in Colorado. This event featured competitors such as the high-performance Tesla Model S P100D.

Formula E

Faraday Future collaborated with Dragon Racing to compete in the FIA Formula E Championship starting from its third season in October 2016. Technical specifications for their racecar were made public in November of that year.

Due to financial difficulties, Faraday Future scaled back its involvement in Formula E by August 2017, withdrawing sponsorship from Dragon Racing’s cars while retaining technical cooperation. By November 2017, the company fully withdrew from Formula E owing to ongoing cash flow challenges.

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