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Faraday Future Stops Manufacturing

Is this the end for the EV startup?

In July, electric car startup Faraday Future abandoned its billion-dollar manufacturing facility in Nevada. In August, the company was thrown a life preserver in the form of a $14 million rescue loan to set up its production operations in a 55-year-old factory that had sat mostly vacant for more than 15 years. Unfortunately, it doesn't look like the company is long for this world.

According the The Verge, three top executives have left the company, and manufacturing has stalled. The departures include Stefan Krause, the company's CFO and COO, and a former BMW employee who was charged with saving the company. He was the guy who put up the company's headquarters to secure the rescue loan for the manufacturing space.

Faraday's CTO Ulrich Kranz and Bill Strickland, who was supposed to run the vehicle manufacturing line are no longer with the company as well.

According to the report, Faraday had about 1,500 employees at the beginning of 2017, and now has less than 1,000, losing a lot of the people working on the FF91, the four-door, 1,050-horsepower car that the company claimed to have a travel range of more than 350 miles (378 miles). The employees that remain are in limbo, waiting to see if the company finds another life boat, or watch as the rest of the ship goes down.

Right now, it looks like the FF91 is going nowhere unless they secure new funding, which is going to be hard without a CFO. Some outlets believe that bankruptcy may be a possibility, but Faraday has refuted such reports.

This is IEN Now with David Mantey. 

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