Faraday Future may cut its Formula E team to save cash
Faraday Future has gone through a lot lately. The electric car startup has struggled to get its factory project off the ground, lost executives, and seen its main investor — Chinese conglomerate LeEco — nosedive.
Now, the next victim of FF’s financial woes could be its participation in Formula E. Multiple sources with knowledge of the situation, who spoke with The Verge on condition of anonymity, say that Faraday Future’s involvement with the fledgling, all-electric racing series is on thin ice.
FF joined Formula E last summer, just before the start of the third season. It partnered with Dragon Racing, a team run by Jay Penske, the son of famed race team owner Roger Penske. The company slotted in alongside major auto manufacturers,…
