Topics
Latest
AI
Amazon
Image Credits:Faraday Future
Apps
Biotech & Health
Climate
Image Credits:Faraday Future
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
fundraise
contraption
game
Government & Policy
computer hardware
Layoffs
Media & Entertainment
Meta
Microsoft
seclusion
Robotics
Security
societal
Space
inauguration
TikTok
Transportation
speculation
More from TechCrunch
event
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Struggling EV inauguration Faraday Future owes the landlord of its Los Angeles military headquarters near $ 1 million after neglect the last two months ’ rent , TechCrunch has learned .
The landlord , Rexford Industrial , filed a antecedently unreportedlawsuitagainst Faraday Future this calendar week in Los Angeles Superior Court that criminate the startup of omit its January and February term of a contract defrayment , as well as associated upkeep fee and revenue enhancement . Rexford claim the startup owe it $ 917,887.26 as a result and is seeking to take self-command of the building . A attorney for Rexford decline to gloss .
Faraday Future is also being sued by the landlord of an business office it has leased in San Jose since 2022 . That antecedently unreported complaint , file by BXP Realty in Santa Clara Superior Court on January 31 , alleges that Faraday Future stop making rental payments in December , conduce to an outstanding symmetry of $ 127,311.16 .
BXP say it applied Faraday Future ’s $ 99,518 security deposit to the equilibrium in January and ask the caller to pay the remainder ; the startup did not compensate that sum . As a result , BXP is looking to boot the startup from the assumption . A attorney for BXP did not immediately react to a request for input .
“ We are actively cultivate with the landlords of our offices in both San Jose and our HQ in Gardena and are in negotiations to correct the position with both amicably and as promptly as possible , ” a Faraday Future spokesperson said in a statement .
The missed payments are the latest signal of trouble for the startup , which only recently began ship its first sumptuousness SUVs to employees and hand - picked renown after nearly 10 years and more than $ 3 billion in losses . Faraday Futurewarnedshareholders in a December regulative filing that its on-going fundraising efforts continue to face major hurdles , and that without a Johnny Cash infusion , the inauguration may not have “ sufficient resources ” to continue operating and “ will likely have to file for failure security and its assets will in all probability be liquidated . ” Faraday Future became a publicly traded society in 2021 after merging with a special purpose acquisition companionship .
Faraday Future report just $ 8.5 million in cash at the goal of September 2023 . The startup is also under investigating by the Securities and Exchange Commission .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Faraday Future has survived a series of crisis over the year as it essay to develop and ship its sumptuousness electric SUV , the FF 91 . In 2019 , after a messy breakup with one of its financial backers , Faraday Futuresold the Los Angeles headquartersto yield cash and hire it back from a underling of New York real estate business firm Atlas Capital . Rexford assumed Faraday Future ’s letting in 2022 afterbuying the buildingfor $ 64.3 million .
Faraday Future manage to survive long enough to unify with Property Solutions Acquisition Corp. in 2021 , a dealings thatnettedFaraday Future $ 1 billion in refreshful funding . But Faraday Future has spent the intervening yearsmired in more dramacentered around its billionaire founder , Jia Yueting .
This story has been update to include a comment from Faraday Future .
