Tesla Motors Inc (NASDAQ:TSLA) will likely get a very tough competition from Faraday Future that had promised to unveil its first production car during CES to be held in January 2017. As the time for unveiling is nearing, the firm is releasing various details about the vehicle with the latest being a teaser video.
The video shows a drag race between the Faraday car, still wearing camouflage, with the popular vehicles such as Ferrari 488 Italia, a Tesla Model X and a Bentley Bentayga.
Faraday faster than Tesla Model X?
The final result of the race is not shown in the video, but an overlaying text says ‘The Results’ and ‘Stay Connected.’ But, since Faraday Future has posted a video, therefore, it won’t be wrong to assume that its car won. So, it wont be wrong to say that Tesla Model X fails to beat the Faraday Future car, and that’s the reason it was included in the race.
The performance of the electric cars in drag races tends to be very good because of their immediate torque i.e. the amount of twist electric motor can put to the wheels. A gasoline engine is not able to deliver peak torque until it gets to around 2,000 or 2,500 rpm, depending on the engine. For example, Tesla Motors Inc (NASDAQ:TSLA) takes just 2.5 seconds to accelerate from zero to 60 mph with its quickest cars.
Earlier, it was believed that the retractable LiDAR sensor was on vehicle’s roof, but the new teaser shows it in the middle of the hood, notes Electrek. Though with camouflage it is somewhat difficult to tell, it looks like the Faraday Future car will be some kind of SUV or crossover. Since, it was pitted against the Model X and the Bentley Bentayga, it sort of confirms the vehicle type, notes CNET.
Is Faraday Future facing cash crunch?
Despite the hints that Faraday Future provides from time to time, there is still a lot of uncertainty surrounding it. The financial troubles of the firm are mounting, and this forced it to stop the construction work at its $1bn factory in North Las Vegas.
Speaking to Business Insider last month, a spokesperson said the firm will focus on vehicle development, and resume factory construction work sometime in 2017, but doubts still remain.
As per Bloomberg, Jia Yueting – a billionaire who has invested in Faraday Future – has run into financial trouble, and the cash crunch he is facing is spreading throughout his empire. Whether or not, it has not affected Faraday Future, is not known.
On Friday, Tesla shares closed down 0.06% at $192.18. Year to date, the stock is down almost 20 % while in the last six-months, it is down over 16%. The stock has a 52-week high of $269.34 and a 52-week low of $141.05.