Linear Labs, a startup developing an electric motor for cars, scooters, robots, wind turbines and even HVAC systems, has raised $4.5 million in a seed round led by Science Inc. and Kindred Ventures. Investors Chris and Crystal Sacca, Ryan Graves of Saltwater Ventures, Dynamic Signal CEO Russ Fradin, Masergy executive chairman and former-CEO Chris MacFarland, […]
View More Linear Labs’ next-gen electric motor attracts $4.5 million in fundingCategory: Faraday Future
Faraday Future furloughs more employees as cash woes continue
For a company with such a forward looking name, the road ahead has been looking pretty bleak for Faraday Future. Debts, fleeing executives and payroll delays have clouded the last year of the automaker’s history — with ultimately very little to show for it. Faraday took to Twitter today to note the latest in its […]
View More Faraday Future furloughs more employees as cash woes continueElectric car startup Faraday Future doesn’t have much of a future
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That Faraday Future 91 electric vehicle that seemed so promising just a few years ago will probably never get made for the masses — and definitely not by 2019.
The California-based would-be Tesla rival has suffered many setbacks, but none as severe as those announced this week.
In a statement sent Tuesday, Faraday Future confirmed that two execs, Pete Savagian and Nick Sampson, have left the company. “We wish them the best of luck in their future endeavors,” the statement read.
But it gets worse from there.
All employees who joined the electric car startup after May 1 must take a furlough (an unpaid leave of absence) for November and December. Those hired before can opt for the furlough or continue working regularly but at lower pay. Health benefits will continue. It’s also not guaranteed that the furlough will end by December. Read more…
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View More Electric car startup Faraday Future doesn’t have much of a futureFaraday Future investor Evergrande Health now says the troubled startup is trying to back out of deal
Evergrande Health, the investor that bailed out besieged electric vehicle startup Faraday Future in a deal worth $2 billion this summer, is now accusing it of attempting to break an agreement it made with previous backer Season Smart. In June, Evergrande Health announced that would it take over the financial commitment made by Season Smart last […]
View More Faraday Future investor Evergrande Health now says the troubled startup is trying to back out of dealBeleaguered electric vehicle firm Faraday Future gets $2B investment boost
There’s a rare moment of cheer for floundering electric car maker Faraday Future after it landed a new investor and a fresh commitment of capital. Evergrande Health, a division of Hong Kong-listed Evergrande, has taken a 45 percent stake in Faraday Future in a deal worth a total of $2 billion. Evergrande Health has taken over an […]
View More Beleaguered electric vehicle firm Faraday Future gets $2B investment boostUpstarts emerge to chase Tesla’s lead in electric vehicles
A slew of well-funded new entrants backed by massive amounts of capital are chasing Tesla’s lead in an effort to power the next generation of the electric vehicle industry. Electric vehicle startups have raised more than $2 billion in the U.S. over the first months of 2018 alone, a huge increase over the $650 million […]
View More Upstarts emerge to chase Tesla’s lead in electric vehiclesLeshi Internet says it must repay $890 million in debts by the end of 2018
Leshi Internet, one of China’s largest video-streaming services, disclosed that it must pay back 5.62 billion RMB (about $890 million) by the end of this year. Leshi Internet’s (also known as Le.com) heavy debts stem from a financial crisis at its sister company LeEco, both of which were founded by Jia Yueting. Jia resigned as Leshi Internet’s chief executive officer last year. Read More
Faraday Future is the ultimate CES cautionary tale
It was the “first of a new species.” It was going to change the game. It both was, and maybe was not, a car. It was the talk of CES. But that was then.
Now, almost a year after Faraday Future unveiled the FF 91 at CES in January 2017, the would…