According to reports, Leighton founder Jia Yueting participated in the investment of the electric car startup Faraday Future (Faraday Future), but also defendant went to court.
The American news website Business Insider reported that Faraday had filed a lawsuit by visual effects company The Mill Group for arrears of US$1.8 million (about 12.35 million yuan). Faraday said in the future that it will not make any public comment on the lawsuit, nor will it make comments in private. The Mill Group’s defense lawyer also declined more comments.
The 15-page indictment shows that in August 2016, Faraday signed a contract with The Mill Group in the future. The Mill Group produced a visual display for Faraday's future: using VR, AR technology and holographic optical components for promotion 2017 Faraday's new electric car products will be introduced in the future.
The indictment stated that The Mill Group estimated that the production cost was approximately US$1.82 million and that Faraday agreed to pay this amount in three separate payments. The final payment deadline was October 10, 2016. But so far Faraday has only paid 20,000 U.S. dollars.
The Mill Group stated that despite repeated requests for Faraday’s future commitments and payments, it failed to receive funds from Faraday’s future. Jalopnik, a US automotive news website, cited sources as saying that The Mill Group has produced a 3D car show for Faraday in the future to display and attract people with significant influence and celebrities. However, due to insufficient funds, this project was halted before the opening of the Las Vegas Electronics Show (CES) which opened on January 3 this year.
The indictment shows that The Mill Group asked Faraday to pay $1.8 million in the future, as well as pre-judgment interest charges.
On January 3, 2017, at CES, Faraday released the first production car FF91 in the future and said it will be delivered in 2018 with a deposit of 5,000 USD. The on-site demo showed that the FF91 created a 100 km/h acceleration time of 2.39 seconds, exceeding the Tesla, Bentley and Porsche brands.
However, Faraday has been accused of facing financial pressure in the future.
After the release of FF91, Nick Sampson, Faraday’s senior vice president of R&D and engineering, admitted in an interview with the BBC that the company faces challenges. Sampson said: "Obviously preparing for CES requires capital and resources, and we currently have limited resources. We just keep the balance of cash flow between different projects as much as possible."
The BBC also mentioned in this report that Faraday's future plant construction in Nevada was suspended in October 2016. At that time, Faraday was accused of defaulting on the construction contract for the construction of the project in September and October for a total of $46 million.
Faraday announced on its official Weibo News on January 20 that the company’s Nevada plant project is progressing smoothly. The first phase was completed in December last year. At present, preparations for the second phase of construction have started.
However, due to the non-payment of payments, several suppliers have already taken legal actions to Faraday in the future.
In December 2016, auto interiors manufacturer Futuris filed a lawsuit against Faraday for claiming a violation of the contract and demanding Faraday's future understanding of the payment of more than US$10 million in arrears. Property developer Beim Maple Properties also sued Faraday for a future amount of US$100,000.
U.S. news website BUZZFEED reported that as of July 2016, Faraday’s future accumulated US$300 million in debt on its accounts, of which one-third of the arrears had been overdue for more than 30 days.
To this end, foreign media has been speculating that Faraday may lay off staff in the future to cut costs.
On January 5th, U.S. local time, Faraday announced FF91 reservation data in the future. It said that less than 36 hours after its release, the number of bookings had exceeded 64,000. According to the deposit of 5,000 U.S. dollars, Faraday has received 320 million yuan in the future. The dollar (approximately RMB 2.2158 billion) will be booked.
However, there are also foreign media that the actual number of deposits submitted may be far lower than Faraday's data released in the future. As of press time, Faraday hasn't commented on the reporter's doubt about the above-mentioned booking quantity in the future.
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