Until a relatively short time ago, Faraday Future was principally funded by Chinese billionaire Jia Yueting, whose main business is the internet and telecom giant LeEco. Yueting's businesses kept Faraday afloat up until this spring, when unpaid loan payments forced a court in China to freeze some $182 million in assets. As this source of cash dried up, Faraday Future embarked on a cash-raising campaign this spring, seeking to attract new investors mostly by publishing videos of the FF91 prototype. The startup was also forced to drop plans for a $1 billion factory just outside of Las Vegas and sought out a smaller existing facility in California with some effort. The halt of LeEco funding has also forced Faraday to place its Formula E team into hibernation, and to whittle down a planned lineup of seven electric models to just two.
"We really shouldn't have to pay for these lunches," Miller once said, according to former Ford President Lee Iacocca's 1984 autobiography. "Feeding employees is deductible for the company. A lot of companies feed their people without charging them at all. But if we pay for it ourselves, it's after tax-money."
What to do when your car understeers
But Krause himself actually resigned last month, Jalopnik now reports.
The Shelby GT350 and its R-rated twin were revived by Ford in 2016, almost 50 years after retirement. They immediately transcended Mustang performance and earned a spot on our 10Best Cars list. Changes for 2017 were minimal but meaningful. Most notably, the Track package became standard on the GT350. It includes an aluminum strut-tower brace, a rear spoiler, adaptive dampers, and coolers for the engine oil, transmission, and Torsen differential. The improved cooling addresses overheating issues some GT350 owners had while driving at the racetrack. Ford also rejiggered the options and paint choices. The Technology package from the previous year became the Electronics package on the GT350; it has Sync 3 infotainment, voice-activated navigation, and a nine-speaker Sony stereo. The new Convenience package had all that, too, but swapped the standard Recaro front buckets for leather-trimmed, power-adjustable seats. The paint colors Ruby Red Metallic, Lightning Blue, and Grabber Blue replaced Deep Impact Blue and Competition Orange for 2017.
Faraday Future, the once-hyped Tesla competitor, appears to be going through another rough patch after repeated scaling downs of its manufacturing targets and facilities following funding issues that cropped up this spring. Now, a string of high-profile departures points to more turmoil at the company.
Burns said the general public has given the electric pickup an unexpectedly strong reception, and now the company is trying to decide whether to build a consumer-focused version. “We’ve really been wrestling with it,” he said. “But we want to cut our teeth with fleets because that’s our DNA. We want to make sure we never disappoint them.” The N-Gen has all-wheel drive, which is unusual for a commercial van. “These delivery guys have to go in all sorts of weather,” Burns said. Meanwhile, the company touts the low-floor design combined with the body-on-frame layout and standard pickup-truck ride height as providing a good blend of clearance, durability, and loading ease. Workhorse says that its electric vehicles have already logged nearly two million miles and are in use in 14 states. The company has been ramping up production at an Indiana plant; this summer and fall, it made 143 of its larger E-Gen trucks for the United Parcel Service (out of a total order of 200 from UPS), and it is currently at a production rate of about three vehicles a day. W.B. Mason has also placed an order for those larger vehicles, Ryder is providing sales and support, and Workhorse has one other large order pending that Burns can’t yet talk about. With its current factory, Workhorse can make 60,000 vehicles of the roadgoing kind per year. And if the USPS contract happens? “We could probably fit more,” Burns added. “But it falls under ‘good problems to have.’ ” It’s Really about the Last Mile If you’re in the shipping logistics business—or if you have anything to do with e-commerce and shipping goods—“last-mile delivery” is what it’s all about. In the last mile or few miles of getting a parcel to its final destination, the costs ratchet up, and the task becomes more complex. It’s exactly what Workhorse appears to be trying to address with its approach, which embraces electrification and, when necessary, takes to the skies. According to a report last year from McKinsey & Company, 60 percent of consumers are either in favor of or indifferent to drone delivery.
We reported that the SUV could return to UK showrooms in 2015, when the company’s UK managing director Lance Bradley replied to a tweet from Auto Express claiming that it was “far from impossible” that the Shogun Sport could be homologated and converted for European release at a later date.