Tesla’s rival on the verge of bankruptcy

21 Feb

Tesla’s rival on the verge of bankruptcy

Faraday Future plans to create a sports electric car may not be realized. The company is on the verge of bankruptcy and may be out of money in February next year.

Faraday Future was to be a rival for the American Tesla company and soon start producing vehicles that would make Elona Muska cars look very pale. She recently also announced the construction of a new factory in the state of Nevada, where her cars were to be manufactured.

The implementation of these plans may not succeed, however. Faraday Future is on the verge of bankruptcy. The company ends money, has a lot of unpaid bills, and must deal with lawsuits from sellers and landlords who rents. What’s worse, it also loses experienced staff and although it has several hundred million in cash, the chances of getting more money from investors is getting smaller.

Faraday Future bosses high hopes at CES 2017, where the production version of the latest car will be presented. The board hopes that this will increase investor interest and that it will be possible to raise new funds.

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