The EV boom can sometimes feel a little similar to the dotcom bubble of the late 1990s. We’re constantly being told about exciting new entrants to to the market, and investors seem happy to pile on on those companies before they’ve made so much as a single production-ready car.
So who’s going to be Amazon.com and weather the storm, get its product to the street, and go on to enjoy a long and profitable career, and who’s going to be Pets.com, which swallowed up a ton of investor capital, went public on the NASDAQ and was dead nine months later?
The EV startups that look like they might actually make good on their tech-laden promises include Rivian and Lucid. But others, like Lordstown Motors, have faced choppier waters on the path to production, with analysts claiming it faked order numbers and lacks the cash to finish the job. And only last week we reported how a Chinese court had begun bankruptcy proceedings against Byton.
Where does Faraday Future sit in this landscape? A recent report by Automotive News investigated the prospects of a company that was launched to much fanfare in 2014, but looked at multiple points as if it was about to implode before being rescued by both investments, and the guidance of a German engineer and former BMW executive who headed up the i8 hybrid sports car program in a past life (and, ironically, co-founded Byton).