Faraday – All about car

Jia Yueting, the founder and former CEO of Faraday Future, has filed for Chapter 11 bankruptcy in order to pay off his debts in China.Jia claims that he still owes around US$3.6 billion to over 100 creditors, mostly due to the collapse of the tech conglomerate he founded, LeEco. His history of taking on debt has earned him a spot on the national debtor blacklist in China, which prompted his move to the U.S.According to The Verge, before Jia goes court, he is offering to fulfill his debts through a trust backed by the value of his Faraday Future ownership stake. The creditors will only be paid out if Faraday Future goes public. Some 90 per cent of the people or businesses owed money need to approve the plan by November 8, and by signing the plan, the creditors also release Jia from all personal liability and claims.A separate plan is also underway wherein the creditors would vote on the Chapter 11 bankruptcy, but that would involve more court oversight and could ultimately cost more time and money things Jia doesnt have.The company has been on rocky ground since its inception. Faraday Future originally started with a US$800 million injection from Chinese real estate conglomerate Evergrande in 2018, and that translated to a US$477 million loss at the years end. Since its founding, Faraday Future has lost US$2.15
Origin: Faraday Future founder files for bankruptcy

2019 Rivian R1T Electric TruckHandout / Rivian One EV startup’s loss is another EV startup’s gain. If struggling brand Faraday Future doesn’t understand this now, after having around 50 employees (some who had been furloughed) cross over to take positions at the up-and-coming EV-maker Rivian, it likely never will. And it’s not the only company having its engineering department hollowed out by Rivian. According to some LinkedIn profile-combing performed by The Verge, Rivian has on-boarded dozens of employees from Tesla, McLaren and Ford, as well as some key players from other big tech brands like Apple. In fact, when it recently came time to name its first CTO, the Michigan-based startup called over Mike Bell, a former Apple bigwig who was one of the important players behind the first iPhone. And this aggressive hiring pace is apparently ongoing. Rivian’s director of corporate communications, Michael McHale, told The Verge that the company has a “natural hiring process and is always looking for people with the right skills.”Now, Rivian has been rocking the boat in other ways, too, like when it received support from Amazon to the tune of US$700 million, or when it got another US$500 million from Ford, granting the automaker exclusive access to Rivian tech. But for all the hype and financially backed votes of confidence, some still have their doubts about the brand’s ability to meet its promises, especially when it comes to that pickup truck and its projected 640-km range, which is really what all the hoopla is all about.The race to be the first long-range EV pickup truck to market is ongoing, but Rivian now has 750 reasons (and counting) why it could get there first.
Origin: Rivian is devouring staff from Ford, Apple, Tesla, Faraday Future and more