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September 20, 2019

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The Chinese billionaire behind Faraday Future just got a grim reality check

faraday future concept vehicle event

Mikayla Whitmore

Faraday Future’s concept vehicle FFZERO1 is unveiled at an event before the start of the Consumer Electronics Show on Monday, Jan. 4, 2016, in a parking lot across the street from the Luxor.

A new memo from Chinese tech billionaire Jia Yueting shows him finally recognizing how overambitious he’s been with his mysterious electric and autonomous car startups Faraday Future and LeEco. (Faraday Future is building a manufacturing plant in North Las Vegas.) Worryingly, it’s unclear if he can get them the money they need, or if things are about to go from bad to worse.

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