A Wannabe Tesla Rival Appears to Be on a Knife Edge

The electric-car startup Faraday Future is reported to be in dire financial straits. Its FF91 car is billed to have a 378-mile range, 1,050 horsepower, and a 0-to-60 time of 2.39 seconds—but reports suggest that there may never be enough money to actually build it.

Rumors of financial instability at Faraday Future have been swirling for over 12 months now. This time last year, we explained that the company was burning cash and running up debts. It didn’t help that the company was having employees work on a self-driving car project at sister firm LeEco, which was founded by Chinese billionaire Jia Yueting (usually known as YT).

But a new investigation by the Verge is even more damning. It argues that grandiose future visions, with their resulting excessive hiring and lavish spending on facilities, are taking a big toll on the startup. From the report:

Four high-level former employees with knowledge of the company’s finances told the Verge as recently as early December that, barring a new cash infusion, Faraday Future only has enough funds to keep its payroll afloat through the end of the year.

The report adds that YT “is still meeting with potential investors to keep the company alive,” but adds that Faraday Future sources “admit that YT is the main financial backer of the company.” To add to the bad news, the Financial Times now reports that YT has been blacklisted on China’s national debtors’ database for failing to pay off loans. So those potential investors really, really need to come through.

Unsurprising, then, that the Verge investigation also explains that workers are leaving Faraday Future, or often not turning up to work if they’re still in their jobs. And it’s hard to build a car without cash or workers.

Comments

What is ARP Monitor?

ARP MONITOR It’s FREE tool like arpwatch but for Windows OS. This tool can help with ARP activity monitoring in computer networks. It allows you to catch intruders on the network, track MAC-IP bundles, detect scans, monitor real-time ARP protocol activity in the segment, and much more. This windows software monitors ethernet activity like unix apwatch and keeps a database of ethernet/ip address pairings. new activity - This ethernet/ip address pair has been used for the first time. new station - The ethernet address has not been seen before. flip flop - The ethernet address has changed from the most recently seen address to the second most recently seen address. changed ethernet address - The host switched to a new ethernet address. Download : Mirror: http://www.binaryplant.com/binaryplant-arp-monitor.exe

Intel's extra-fast 3D storage comes to your desktop PC

It didn't take long for Intel's 3D Optane storage to reach a product you can realistically buy. The chip maker has introduced Optane modules designed to boost the performance of your desktop PC. They're strictly cache drives that only hold 16GB or 32GB (the server module packs 375GB), but don't let that dismay you. In theory, the combination of extremely low latency (under 10 microseconds) with solid state drive speeds (at least 900MB/s in peak sequential reads) should dramatically reduce loading times across the board. Compared to a PC with a conventional spinning hard drive, Intel claims that you should see a 28 percent overall performance boost, with storage up to 14 times faster. Common apps like the Chrome or Outlook should load five to six times faster, Intel says. And not surprisingly, Intel is making a big deal out of gaming performance. The company boasts that games can start up to 67 percent faster, and load levels up to 65 percent fa...

SolarCity’s Gigafactory

A $750 million solar facility in Buffalo will produce a gigawatt of high-efficiency solar panels per year and make the technology far more attractive to homeowners. In an industrial park near the shore of Lake Erie, hard by the Buffalo River, the future of the solar power industry is under construction. SolarCity’s sprawling Buffalo factory, built and paid for by the state of New York, is nearing completion and will soon begin producing some of the most efficient solar panels available commercially. Capable of making 10,000 solar panels a day, or one gigawatt of solar capacity a year, it will be the largest solar manufacturing plant in North America and one of the biggest in the world. When production begins, SolarCity, already the leading installer of residential solar panels in the United States, will become a vertically integrated manufacturer and provider—doing everything from making the solar cells to putting them on rooftops. At a time when conventional silicon-based...

CODEX

Search This Blog