See 11/28/2019 update at the bottom of this article.
The startup, Faraday Future, has around 400 employees. It has hired executive talent from Tesla.
It was originally incorporated in California in May 2014 as LeTV ENV Inc., according to papers filed with the California Secretary of State. The address in Beijing is associated with Letv, a holding company founded by Chinese tech pioneer Jia Yueting.
Its current name, Faraday Future, takes its name from scientist Michael Faraday. Michael Faraday was born September 22, 1791 and died August 25, 1867. He was born in Newington Butts, England. Faraday was largely self educated. Most schools in 18th Century England were run by the Church. True education was accomplished through apprenticeships. At fourteen he became the apprentice to George Riebau, a local bookbinder and bookseller on Blandford Street in London. Unlike many people in England during this period, he had access to many books and became very well read. BOOKS THEN, BOOKS/INTERNET NOW, ARE THE PATH TO TRUE LEARNING!!!
At the end of his apprenticeship he attended lectures and met English chemist Humphry Davy of the Royal Institution and Royal Society, and John Tatum, founder of the City Philosophical Society. Faraday was not considered a gentleman. When Davy set out on a long tour of the continent in 1813–15, his valet did not wish to go. Instead, Faraday went as Davy’s scientific assistant, and was asked to act as Davy’s valet until a replacement could be found in Paris. Faraday was forced to fill the role of valet as well as assistant throughout the trip. Davy’s wife, Jane, refused to treat Faraday as an equal and treating him as a servant made Faraday so miserable that he considered returning to England alone and giving up science. The trip did, however, give him access to the scientific elite of Europe and exposed him to a host of interesting ideas from various conversations.
Faraday is best known for his work regarding electricity and magnetism though he was also influential in chemistry. He was one of the most influential scientists in history. It was by his research on the magnetic field around a conductor carrying a direct current that Faraday established the basis for the concept of the electromagnetic field in physics. Faraday also established that magnetism could affect rays of light and that there was an underlying relationship between the two. He also discovered the principle of electromagnetic induction, diamagnetism, and the laws of electrolysis. His inventions of electromagnetic rotary devices formed the foundation of electric motor technology, and it was largely due to his efforts that electricity became practical for use in technology.
So anyway….
Back to the billion dollar factory. California, Georgia, Louisiana and Nevada are finalists for the factory. Though Yueting is believed to be the primary force behind this new venture, the identities of the players in this startup are unknown.
Update 11/22/2019:
Faraday Future is now known for its money troubles, if it is known at all. Talented hires — from SpaceX, Tesla, Apple, and Ford — have mostly left the company to try to make their fortunes elsewhere. The $2 billion it spent to develop a luxury SUV never got off the drawing board. The vehicle is still not in production. The company’s problems are partly thanks to the company’s founder and former CEO Jia Yueting. He reportedly ran from China in 2017 to escape billions of dollars of debt, only to declare bankruptcy in the US.
I guess the moral of this story is that investors should always be aware and weary of shadowy companies attempting to make a big splash. At one point, it is said that some investors actually believed Faraday Future was a front for Apple and that Apple was about to get into the self-driving car market.
