Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges.
The “FF 91“, described by its designer Richard Kim as “weird-pretty“, is a luxury electric SUV Faraday executives say will be the most technologically advanced on the market when it goes into production in early 2018. Advance reservations for the car – which insiders say will retail for about $180,000 – are being taken for $5,000.
“You’re about to witness day one of a new era of mobility,” said Nick Sampson, senior vice president of engineering and research and development. “We’re going to show the first of a new species.”
But cash shortages and a recent spate of executive departures have raised questions about the company’s prospects.
Faraday is funded and controlled by Chinese billionaire Jia Yueting, the chief executive officer of China’s Leshi Holdings Co Ltd, also known as LeEco (300104.SZ), which is showing its own prototype electric car, the LeSee Pro, at CES. He is also an investor in California-based Lucid Motors, a competing electric vehicle start-up attending CES this year.
Faraday debuted at CES last year with a concept car not intended to be produced, raising eyebrows over the company’s legitimacy and Jia’s overall strategy. A cash crunch at LeEco and Faraday’s missed payments to a contractor working on its $1 billion Nevada factory have spurred more questions in recent months over Faraday’s financial situation.
In late December, LeEco said it was in talks to secure 10 billion yuan ($1.4 billion) from an unidentified strategic investor.
Faraday executives would not comment on the company’s financials.
“We’re hoping to … convince people that we’re real, we are doing a real product, it’s not just a vaporware Batmobile to create attention, but we now have a serious product,”
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