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Future Faraday shows off a car it made

Remember Faraday Future, the embattled electric vehicle startup? The company just made a car!

While many people have written off and stopped following Faraday Future, the EV company is still alive. It gave evidence of its existence by making an actual car!

Just this week, Faraday Future marked the event of the completion of its first production intent FF91. The FF91 is an upper-luxury range battery-powered SUV that the company has been talking about for about eight years! With a car to show for its effort, Faraday Future claims it is still on track to start the production of the FF91 in the 3rd quarter of 2022.

Faraday Future has had a tumultuous history, and it is worth studying in financial classes for how to or how not to run a company, depending on your perspective. Thanks to the management style, it had come close to bankruptcy multiple times. However, it can also be a lesson on how to come back from nearly going into extinction.

The company, which has merged with a special purpose acquisition company or SPAC, touts this feat as Milestone #4. It has seven milestones to complete before the FF91 starts rolling out of the production lines later this year.

However, this is not the first car to be made by Faraday Future. It made a concept Batmobile that doesn’t move, which it displayed at the 2016 Consumer Electric Show. It has also made a pre-production version of the FF91.

However, the California-based company began to unravel in 2017 when it announced a factory in Nevada that would cost $1 billion. But the factory did not materialize. After that, Faraday Future started losing both money and employees, and it had to sell its own headquarters.

At this point, investors tried to bail out the company, but it resulted in multiple court battles over who controls the money. The founder filed for personal bankruptcy, and a new CEO was appointed. Faraday Future eventually took the SPAC route, which had become a popular way for EV startups to go public, taking advantage of investors’ willingness to put money in EV startups as everybody wanted to support the next Tesla.

Even though it has made a car, Faraday Future’s woes are far from over because its own internal investigation recently found a lot of inaccurate reporting, resulting in more leadership changes.

But this is not stopping Faraday Future from conducting its business. The company is turning up its marketing as it tries to drum up attention for its product. It has unveiled a new “multi-channel communication campaign” called “Born in California” and “ieMedals campaign,” which seeks to recognize its suppliers and contract manufacturers.

If you are interested in the ieMedal, here is how Faraday Future says you earn it, “users on the FF Intelligent App can earn the supplier ieMedals for their individual accounts by completing specific tasks or fulfilling co-creation challenge requirements. The ieMedals are electronic awards added to users’ FFID accounts on the FF Intelligent App.”

Written by HackerVibes

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