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Faraday Future’s huge cash crunch puts the brakes on its electric car plans for now

Back in January, Faraday Future garnered breathless headlines when it revealed a slick self-driving electric car that goes from 0 to 60 mph in just 2.39 seconds, making it the world’s fastest electric car. But the next-gen carmaker is facing a huge cash crunch due to the debt problems of its major funder, China’s LeEco, and it just cancelled plans for a $1 billion manufacturing plant in Nevada as a result. The crisis could put 13,000 jobs in jeopardy, as well as dash the company’s once bright future. 

Meanwhile, as The Next Web points out, its competitors are speeding by—Tesla just unveiled its Model 3 sedan and Lucid is showing off its electric sedan, which can hit a top speed of 235 mph. 

[Credit: Faraday Future]MB