Hi. It’s Brady again.
Faraday Future, the (over)hyped electrical vehicle company that went public in New York in July, said it will establish a production line in China. Specifically, the automaker that has yet to make a single consumer automobile is heading to Zhuhai.
We’ve heard this tune before. In 2015, Faraday Future said it would invest USD 1 billion to build its first manufacturing site in the desert state of Nevada. Construction began the following year, but was abandoned in 2017. Faraday Future then signed a lease to take over a former tire plant in California, but it has yet to go online. (The company says it will begin production at this site in the summer of 2022.)
Faraday Future has been the brunt of many jokes, but this China entry looks a little more serious than its previous stumbles. Two major conglomerates (that are not Evergrande, a previous investor in the company) are involved, and a joint venture with the Zhuhai government is a possibility.
Part of me likes to think that a reversal of fortune is possible, particularly in a case where situational factors work in the protagonist’s favor. But Faraday Future’s track record really does give me pause.
You should read more about this. Jiaxing had the story. Check it out.