Sumary of Embattled EV start-up Faraday Future gets second act with Nasdaq SPAC debut:
- Attendees look at Faraday Future’s FF 91 prototype electric crossover vehicle after it was unveiled at CES 2017 on January 3, 2017, in Las Vegas.
- ” It was going to be a leader in electric vehicles with its groundbreaking FF 91 crossover that would usher in an “entirely new species” of automobile.
- Those were some of the claims surrounding the California EV start-up during an elaborate unveiling of the FF 91 at the Consumer Electronics Show in January 2017. If all had gone to plan, the vehicle would have been on the market now for several years, ahead of an influx of EVs from emerging start-ups and traditional automakers.
- Delivering on plans is something newly public EV start-ups have not been able to do.
- Starting with Nikola last year, SPAC deals for the automotive industry exploded, but reality has set in for many companies.
- Bold claims by executives have led to federal investigations into EV start-ups such as Nikola, Canoo and Lordstown Motors, which last month warned investors of potential bankruptcy concerns.
- Other EV start-ups such as privately held Rivian and Lucid, which is soon expected to go public via a SPAC merger, have delayed production and delivery of their first vehicles.
- “Building a vehicle is not that easy to do,” IHS Markit principal automotive analyst Stephanie Brinley said.