Faraday Future raised billions and delivered 16 cars. The math never worked.

Faraday Future was founded in April 2014 by Jia Yueting, the Chinese entrepreneur who had built LeEco into a $14 billion conglomerate. The pitch was audacious: a $1 billion manufacturing plant in Nevada, a luxury electric SUV called the FF 91, and a direct challenge to Tesla. Jia announced the Nevada factory with a $1 billion investment commitment in November 2015.

The money came from China. In August 2018, Evergrande Group — the Chinese property giant — invested $854 million for a 45% stake. But the relationship soured quickly, and by late 2018 Faraday Future was running out of cash. Construction on the Nevada plant was suspended in November 2016 and abandoned entirely in July 2017. The company survived on a series of smaller funding rounds: The9's $600 million joint venture in 2019, and small private placements thereafter.

Faraday Future went public in July 2021 through a SPAC merger with Property Solutions Acquisition Corp., valued at $3.4 billion. But the listing raised far less cash than expected — the SPAC market was already cooling. The company burned through its capital while struggling to start production. The FF 91 finally entered production in March 2023, nearly six years late, and the first customer delivery was in August 2023.

By January 2025, Faraday Future had delivered 16 vehicles total. In fiscal year 2025, it reported revenue of $536,000, an operating loss of $331 million, and a net loss of nearly $400 million. The company had been evicted from its headquarters in February 2024 for unpaid rent of $917,887. It pivoted to a lower-priced second brand called Faraday X and expanded into robotics in early 2026, but the same pattern continued — the FX Super One program was paused in May 2026 pending additional financing.