Previously the founder of the carmaker, Jia, found himself having troubles with investors after another company from the businessman, LeEco, had problems paying its debts to the Chinese government. The objective of the company was also to build EVs.
According to the company the founder was not fired, but instead brought to a new position, Chief Product and User Officer. New investors insisted that the former CEO left the position to help put the company back on track to produce EVs.
A report on Green Car Reports in 2018, Faraday “lined up a new investment from Hong Kong conglomerate Evergrande to set up a factory and build several prototypes in California, But when Evergrande wouldn’t provide the next payment, it had to lay off much of its staff and shutter the factory. All of its founding executives except Jia left.”
The Faraday electric vehicle FF91 was announced on January 2017, with more than 64,000 reservation on its first two days after it came to public knowledge. It will have a top price of $300,000. No date for the market release was revealed.