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Faraday Future pushes another FF 91 teaser amid financial backer troubles
Amidst news of troubles with a major financial backer, Faraday Future has published another teaser video for its first vehicle, the FF 91 all-electric SUV. Seemingly addressing its current challenges, the electric car startup pledged that it would always be moving forward, one step at a time, as the company pushes to bring its first vehicle to the market.
With ongoing issues with a key investor, Faraday Future is reportedly fighting to stay afloat once more. According to recent reports, Faraday Future is implementing pay cuts across the company, with some employees receiving a 20% reduction to their hourly wages. Several members of Faraday Future’s management team have committed to take pay cuts that are larger than 20% as well, and CEO Jia Yueting has reportedly pledged to decrease his salary to just $1.
The pay cuts come as Faraday Future’s CEO battles with the company’s main investor, Evergrande Health, a subsidiary of property developer China Evergrande Group. Evergrande swooped in late last year with a $2 billion pledge to save the electric car startup and help bring the FF 91 luxury SUV to market.
An email from Faraday Future’s management, which was retrieved by The Verge, notes that the pay cuts are temporary, and that salaries will be restored once funding is secured. That said, the company had already begun laying off some of its employees to help keep Faraday Future afloat nonetheless.
“The company is committed to monitoring its finances and will reevaluate this decision with the goal of restoring salaries once funding is available,” the email reportedly read.
When Evergrande stepped in to save the company last year with its $2 billion commitment, the investor got a 45% stake in the company. Evergrande gave the first installment of $800 million at the beginning of 2018, but by the middle of the year, the entirety of the funds had already been spent. The Faraday Future CEO later attempted to get the board of directors to approve an advance of $700 million more, and when Evergrande refused, Jia took the case to HK Arbitration Center. In a blog post earlier this month, Faraday Future claimed that Evergrande failed to make any payments beyond the original $800 million.
“Contrary to what Evergrande has told the press and its shareholders, neither FF’s CEO YT Jia nor anyone else “manipulated” the board of Evergrande in reaching these agreements. In agreeing to bring a portion of its payments forward to 2018, Evergrande had a full understanding of why the funds were needed, and when they were needed, in order to achieve production and delivery of FF 91 in 2019.
“But contrary to what has been reported, Evergrande failed to make any of the promised additional payments beyond the original $800m investment, despite FF and its CEO complying with their obligations and meeting all required conditions for funding under the July 2018 agreement. Instead, Evergrande held the payments back to try to gain control and ownership over FF China and all of FF’s IP. At the same time, Evergrande is preventing FF from accepting any immediate financing from other sources.”
Faraday Future has made some progress over the years. This past August, the electric car startup was able to build a pre-production version of the FF 91, its first luxury SUV. The FF 91 is a luxury SUV with a 0-60 mph time of 2.4 seconds, a 130 kWh battery pack, and an estimated range of 289 miles per charge. The vehicle also includes LiDAR for self-driving capabilities and four-wheel steering for impressive maneuverability.
Watch Faraday Future’s latest FF 91 teaser in the video below.
News
Another Tesla Model 3 variant sold out for January 2026 in China
A look at Tesla China’s order page shows that new Model 3 LR RWD orders now have an estimated delivery date of February 2026.
Another Tesla Model 3 variant in China appears to have sold out for January 2026, with the vehicle now showing an estimated delivery date of February 2026 for new orders. This bodes well for the all-electric sedan, which has maintained notable sales despite more affordable rivals like the Xiaomi SU7 and its crossover sibling, the Model Y.
Model 3 LR RWD joins February 2026 queue
A look at Tesla China’s order page for the all-electric sedan shows that new Model 3 Long Range Rear Wheel Drive orders now have an estimated delivery date of February 2026. Priced from RMB 259,500 ($36,810), the LR RWD sits as the second-lowest-priced trim in Tesla China’s four-variant Model 3 lineup. The move follows a similar delivery timeframe for the Model 3 Performance, which remains the most expensive option for the vehicle, as noted in a CNEV Post report.
The estimated delivery dates of the two remaining Model 3 variants remain unchanged for now. The base RWD version, starting at RMB 235,500, and the LR AWD variant, priced from RMB 285,500, both continue to list estimated delivery times of 4-6 weeks. Tesla China, for its part, has continued to list in-stock Model 3 vehicles and is actively encouraging buyers to select inventory units for delivery before the end of the year.
Model Y delays and policy shifts
Delivery timelines for the Model Y in China are also stretching into 2026. All customized Model Y variants now show February 2026 as their estimated delivery date, except for the entry-level version, which still lists January 2026. Tesla has been urging customers since November to prioritize purchasing inventory vehicles, a push aimed at maximizing year-end deliveries.
Timing matters for Chinese buyers due to upcoming changes in government incentives. China’s new energy vehicle purchase tax exemption will be scaled back in 2026, which means customers who take delivery next year could face higher tax costs compared to those who are able to receive vehicles before the end of the year.
As per data from the China Passenger Car Association, Tesla recorded retail sales of 73,145 vehicles in November, down 0.47% year over year. From January through November, Tesla’s retail sales in China totaled 531,855 units, a 7.37% year-over-year drop.
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Wedbush’s Dan Ives sees ‘monster year’ ahead for Tesla amid AI push
In a post on X, the analyst stated that the electric vehicle maker could hit a $3 trillion market cap by the end of 2026 in a bullish scenario.
Wedbush analyst Dan Ives is doubling down on Tesla’s (NASDAQ:TSLA) long-term upside. In a post on X, the analyst stated that the electric vehicle maker could hit a $3 trillion market cap by the end of 2026 in a bullish scenario, thanks to the company’s efforts to develop and push its artificial intelligence programs.
An aggressive valuation upside
Ives, Wedbush’s global head of tech research, stated in his post that Tesla is entering a pivotal period as its autonomy and robotics ambitions move closer to commercialization. He expects Tesla’s market cap to reach $2 trillion in 2026, representing roughly 33% upside from current levels, with a bull case up to a $3 trillion market cap by year-end.
Overall, Ives noted that 2026 could become a “monster year” for TSLA. “Heading into 2026, this marks a monster year ahead for Tesla/Musk as the autonomous and robotics chapter begins. We believe Tesla hits a $2 trillion market cap in 2026 and in a bull case scenario $3 trillion by end of 2026… as the AI chapter takes hold at TSLA,” the analyst wrote.
Ives also reiterated his “Outperform” rating on TSLA stock, as well as his $600 per share price target.
Unsupervised Full-Self Driving tests
Fueling optimism is Tesla’s recent autonomous vehicle testing in Austin, Texas. Over the weekend, at least two Tesla Model Ys were spotted driving on public roads without a safety monitor or any other occupants. CEO Elon Musk later confirmed the footage of one of the vehicles on X, writing in a post that “testing is underway with no occupant in the car.”
It remains unclear whether the vehicle was supported by chase cars or remote monitoring, and Tesla has not disclosed how many vehicles are involved. That being said, Elon Musk stated a week ago that Tesla would be removing its Safety Monitors from its vehicles “within the next three weeks.” Based on the driverless vehicles’ sightings so far, it appears that Musk’s estimate may be right on the mark, at least for now.
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Production-ready Tesla Cybercab hits showroom floor in San Jose
Tesla has implemented subtle but significant updates to both the Cybercab’s exterior and interior elements.
Tesla has showcased what appears to be a near-production-ready Cybercab at its Santana Row showroom in San Jose, California, giving visitors the closest look yet at the autonomous two-seater’s refined design.
Based on photos of the near-production-ready vehicle, the electric vehicle maker has implemented subtle but significant updates to both the Cybercab’s exterior and interior elements, making the vehicle look more polished and seemingly more comfortable than its prototypes from last year.
Exterior and interior refinements
The updated Cybercab, whose photos were initially shared by Tesla advocate Nic Cruz Patane, now features a new frameless window design, an extended bottom splitter on the front bumper, and a slightly updated rear hatch. It also includes a production-spec front lightbar with integrated headlights, new wheel covers, and a license plate bracket.
Notably, the vehicle now has two windshield wipers instead of the prototype’s single unit, along with powered door struts, seemingly for smoother opening of its butterfly doors. Inside, the Cybercab now sports what appears to be a redesigned dash and door panels, updated carpet material, and slightly refined seat cushions with new center cupholders. Its legroom seems to have gotten slightly larger as well.
Cybercab sightings
Sightings of the updated Cybercab have been abundant in recent months. At the end of October, the Tesla AI team teased some of the autonomous two-seater’s updates after it showed a photo of the vehicle being driven through an In-N-Out drive-through by employees in Halloween costumes. The photos of the Cybercab were fun, but they were significant, with longtime Tesla watchers noting that the company has a tradition of driving its prototypes through the fast food chain’s drive-throughs.
Even at the time, Tesla enthusiasts noticed that the Cybercab had received some design changes, such as segmented DRLs and headlamps, actual turn signals, and a splitter that’s a lot sharper. Larger door openings, which now seem to have been teasing the vehicle’s updated cabin, were also observed at the time.
Another Tesla Model 3 variant sold out for January 2026 in China
Wedbush’s Dan Ives sees ‘monster year’ ahead for Tesla amid AI push
