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Once-promising Tesla rival Faraday Future hits roadblock amid CEO’s $800M controversy
Once-promising and outspoken Tesla rival Faraday Future has hit another roadblock, as CEO Jia Yueting is being accused by an investor of spending $800 million worth of funds and then attempting to back out of the deal. The investor in question, the healthcare division of Chinese real estate group Evergrande, has noted that it will take “all necessary actions” to protect itself and its shareholders.
Faraday Future has been beset by multiple delays and problems over the past years. Once the company that is branding itself as a startup that would dethrone Tesla from its place in the premium electric car market, the electric car startup has met a slew of problems, from dire financial straits to an exodus of key executives. In addition, Faraday Future’s first vehicle, the ultra-luxury FF 91 SUV, has yet to start production.
Faraday Future received a much-needed lifeline at the end of 2017 by securing a $2 billion investment from Evergrande Health–a subsidiary of property developer China Evergrande Group. Evergrande noted that it had agreed to buy Season Smart Ltd, a firm which owns 45% of Faraday Future, for $860.2 million. The Chinese property developer also agreed to pay Faraday Future $1.2 billion in two installments which are due in 2019 and 2020.
This Sunday, Evergrande revealed that it had signed a supplemental agreement to pay the electric car maker $700 million ahead of schedule. And now, Evergrande noted that Faraday Future CEO Jia Yueting had initiated an arbitration at the Hong Kong Arbitration Center against the Chinese firm, claiming that the promised payment was not fulfilled. Reuters noted that the CEO’s arbitration aims to deprive Evergrande rights as a shareholder for electric car startup as well.
Its trouble with Evergrande is just one of the company’s concerns. Speaking with former employees of the electric car startup, The Verge has noted that Faraday Future is allegedly struggling once more despite the company having spent around $800 million. Due to the company’s alleged financial troubles, the former FF employees claimed that vendors and suppliers had not been paid, and layoffs are being considered. In what seems to be a stroke of misfortune, the company’s first pre-production version of the FF91 reportedly caught fire in late September after the vehicle was showcased at a “Futurist Day” event for employees and their families.
Much of Faraday Future’s troubles are connected to the activities of its CEO. Last year, Jia found himself in China’s official “Blacklist” for credit defaulters. Due to his assets being frozen in China, the Faraday Future CEO currently resides in the United States. His handling of the electric car startup has been polarizing at best. Last year, for example, a disagreement between Jia and Faraday Future’s then-CFO turned public, compromising an attempt to restructure the company through bankruptcy.
It remains to be seen if Faraday Future could eventually get the vehicle to market. When the FF 91 was unveiled, the electric car startup compared it favorably against the Tesla Model S P100D. The FF 91 is a large SUV has a 0-60 mph time of 2.4 seconds, a 130 kWh battery pack, and a range of 289 miles per charge. The vehicle also features a number of nifty tricks, such as LiDAR for self-driving capabilities and four-wheel steering, which gives the vehicle impressive maneuverability.
The Tesla Semi was spotted mounted with ground truth validation equipment as the company nears its looming launch. The Semi is Tesla’s Class 8 all-electric truck, and has been utilized in its earlier stages by many companies like PepsiCo. and Frito-Lay, who have been using it in a pilot program.
The Semi was spotted in Sunnyvale, California, and sports a typical ground truth validation unit that Tesla routinely uses on its vehicles. Ground truth validation is essentially the process of training supervised algorithms to ensure they can perform reliably. Tesla typically performs this on vehicles that are being released soon:
Spotted the new semi adorned with ground truthing equipment. Haven’t seen anyone post this so figured I’d share.
The future is autonomous!!@SawyerMerritt @wholemars pic.twitter.com/qkPDHPUQZ6
— Danny (@dannywinner1) June 21, 2026
The Semi being spotted with this type of validation rig is important because it means the company is working on solidifying a Full Self-Driving model for its commercial vehicle offering. This would be a massive development for not only Tesla but also the logistics industry as a whole.
There are strict regulations on driving hours for commercial truck drivers, and autonomy is a way to potentially combat these issues. FSD is already a widely effective way that owners of typical passenger vehicles take stress out of travel. Even launching a semi-autonomous platform for truck drivers to use to increase safety, reduce fatigue, and increase productivity would be a huge development.
Tesla Semi gets strange-but-understandable comparison from Jay Leno
The Semi has already proven to be an ideal solution for companies that use commercial logistics. It has increased efficiency and reduced operating costs for many companies that have been able to use it in pilot programs.
There are expected to be some bumps along the way. Tesla saw some challenges with FSD on the Cybertruck, as it had never had a vehicle with cameras at that height, so some of the features with FSD were not immediately available. Just a week ago, Tesla launched Actually Smart Summon (ASS) for Cybertruck, nearly three years after the vehicle was first delivered to customers.
President Donald Trump unveiled an upgraded Boeing 747-8 at Joint Base Andrews on June 19, 2026, describing the Qatar-gifted aircraft as an interim Air Force One equipped with advanced communications systems, including Starlink, Elon Musk’s SpaceX satellite internet service.
The plane, valued at around $400 million and modified for presidential use, serves as a bridge until the delayed VC-25B replacements arrive. Trump highlighted its luxury features and new technology during remarks to service members.
Trump stated:
“We have communication equipment up there that nobody’s ever seen before. It’s the highest level and, uh, including Starlink. My friend Elon is going to be very happy, but, uh, Starlink and we have, uh, four or five different sets of double and triple communications like people haven’t seen.”
He added:
“And it represents what can happen with hard work, innovation, and aggressive timelines because we did this quickly and yet there’s never been communication like is on this plane.”
🚨 President Trump confirmed today that the new Air Force One is equipped with Starlink:
“We have communication equipment up there that nobody’s ever seen before, it’s the highest level and including Starlink…my friend Elon is going to be very happy.” pic.twitter.com/IhkDmtr5hL
— TESLARATI (@Teslarati) June 20, 2026
The aircraft features a redesigned red, white, and blue livery and has been outfitted with Starlink satellite connectivity alongside other secure systems.
Trump praised the plane’s uniqueness, calling it among the world’s most luxurious. The gift from Qatar and subsequent modifications have drawn attention, with the jet positioned as a solution for presidential travel. It is expected to support operations, including potential ceremonial roles such as Fourth of July flyovers.
The event marked the formal introduction of the converted jet, which will help maintain capabilities while the primary Air Force One fleet undergoes modernization. Defense observers note the inclusion of commercial satellite technology like Starlink as part of efforts to ensure resilient communications, crucial to keep the country running as the President is in the sky.
President Trump’s comments underscored appreciation for rapid upgrades and innovation in equipping the aircraft. The plane remains a U.S. government asset and is slated for eventual transfer related to presidential library purposes after its service.
Tesla just gave what is perhaps its biggest signal yet that the launch of the Cybercab, its autonomous ride-hailing-geared car, is imminent.
The Cybercab has been spotted outside of Gigafactory Texas in massive numbers over the past few days, with hundreds of units being stored on property just days after the vehicle received a Certificate of Conformity from the EPA.
Today, things were a bit different.
Cybercabs spotted on Giga Texas property today had an addition: a Cybercab decal on the side, reminiscent of the “Robotaxi” ones that were placed on Model Ys just as the company launched its ride-sharing platform about a year ago.
Giga Texas drone operator Joe Tegtmeyer noticed the change today:
Tesla Cybercabs are now getting “Cybercab” logos on the side of them!
Tesla did the same with Model Ys that were given “Robotaxi” logos: https://t.co/DanANtw1m7 pic.twitter.com/FqOhH0S9Ks
— TESLARATI (@Teslarati) June 19, 2026
Tesla could be signaling that the Cybercab is preparing to enter the Robotaxi fleet in the coming weeks or months with this move. It seems more symbolic than anything; Tesla is ready to throw Cybercabs in the ride-hailing platform just as it did with Model Ys last year.
The addition of the Certificate of Conformity awarded to the Cybercab is another major factor working to Tesla’s advantage. The company now has permission from the EPA to allow the vehicle to operate on public roads and enter the chain of commerce. It’s officially street legal.
Tesla Cybercab specs revealed: range, curb weight, range ratings, and more
The big question that remains is whether Tesla will be able to operate the car without a safety monitor, especially considering it plans to put the car out there without a steering wheel or pedals. With the Cybercab only having a seating capacity of two, it is hard to believe Tesla will even consider putting a Safety Monitor in the car.
It did recently self-certify as Level 4 and has the ability to operate driverless vehicles in the State of Texas under a law that took effect on May 28. You can read more about that here:
Tesla’s Robotaxi dreams just took a massive step toward reality
We’d imagine Cybercabs will be on the roads as soon as July, but August will likely be a better estimate of when the car will be entered into the Cybercab fleet. It all depends at where Tesla is, as they’ve truly prioritized safety with the rollout of the Robotaxi platform.
Tesla Semi spotted with ground truth validation equipment as launch looms
President Trump touts new Air Force One with Musk technology
