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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.
News
Tesla is making two big upgrades to the Model 3, coding shows
According to coding found in the European and Chinese configurators, Tesla is planning to make two big upgrades: Black Headliner offerings and a new 16-inch QHD display, similar to that on the Model Y Performance.
Tesla is making two big upgrades to the Model 3, one of which is widely requested by owners and fans, and another that it has already started to make on some trim levels of other models within the lineup.
The changes appear to be taking effect in the European and Chinese markets, but these are expected to come to the United States based on what Tesla has done with the Model Y.
According to coding found in the European and Chinese configurators, Tesla is planning to make two big upgrades: Black Headliner offerings and a new 16-inch QHD display, similar to that on the Model Y Performance.
These changes in the coding were spotted by X user BERKANT, who shared the findings on the social media platform this morning:
🚨 Model 3 changes spotted in Tesla backend
• New interior code: IN3PB (Interior 3 Premium Black)
• Linked to Alcantara-style black headliner
• Mapped to 2026 Model 3 Performance and Premium VINs• EPC now shows: “Display_16_QHD”
• Multiple 2026 builds marked with… pic.twitter.com/OkDM5EdbTu— BERKANT (@Tesla_NL_TR) February 23, 2026
It appears these new upgrades will roll out with the Model 3 Performance and Tesla’s Premium trim levels of the all-electric sedan.
The changes are welcome. Tesla fans have been requesting that its Model 3 and Model Y offerings receive a black headliner, as even with the black interior options, the headliner is grey.
Tesla recently upgraded Model Y vehicles to this black headliner option, even in the United States, so it seems as if the Model 3 will get the same treatment as it appears to be getting in the Eastern hemisphere.
Tesla has been basically accentuating the Model 3 and Model Y with small upgrades that owners have been wanting, and it has been a focal point of the company’s future plans as it phases out other vehicles like the Model S and Model X.
Additionally, Tesla offered an excellent 0.99% APR last week on the Model 3, hoping to push more units out the door to support a strong Q1 delivery figure at the beginning of April.
Elon Musk
SpaceX secures FAA approval for 44 annual Starship launches in Florida
The FAA’s environmental review covers up to 44 launches annually, along with 44 Super Heavy booster landings and 44 upper-stage landings.
SpaceX has received environmental approval from the Federal Aviation Administration (FAA) to conduct up to 44 Starship-Super Heavy launches per year from Kennedy Space Center Launch Complex 39A in Florida.
The decision allows the company to proceed with plans tied to its next-generation launch system and future satellite deployments.
The FAA’s environmental review covers up to 44 launches annually, along with 44 Super Heavy booster landings and 44 upper-stage landings. The approval concludes the agency’s public comment period and outlines required mitigation measures related to noise, emissions, wildlife, and airspace management.
Construction of Starship infrastructure at Launch Complex 39A is nearing completion. The site, previously used for Apollo and space shuttle missions, is transitioning to support Starship operations, as noted in a Florida Today report.
If fully deployed across Kennedy Space Center and nearby Cape Canaveral Space Force Station, Starship activity on the Space Coast could exceed 120 launches annually, excluding tests. Separately, the U.S. Air Force has authorized repurposing Space Launch Complex 37 for potential additional Starship activity, pending further FAA airspace analysis.
The approval supports SpaceX’s long-term strategy, which includes deploying a large constellation of satellites intended to power space-based artificial intelligence data infrastructure. The company has previously indicated that expanded Starship capacity will be central to that effort.
The FAA review identified likely impacts from increased noise, nitrogen oxide emissions, and temporary airspace closures. Commercial flights may experience periodic delays during launch windows. The agency, however, determined these effects would be intermittent and manageable through scheduling, public notification, and worker safety protocols.
Wildlife protections are required under the approval, Florida Today noted. These include lighting controls to protect sea turtles, seasonal monitoring of scrub jays and beach mice, and restrictions on offshore landings to avoid coral reefs and right whale critical habitat. Recovery vessels must also carry trained observers to prevent collisions with protected marine species.
Elon Musk
Texas township wants The Boring Company to build it a Loop system
The township’s board unanimously approved an application to The Boring Company’s “Tunnel Vision Challenge.”
The Woodlands Township, Texas, has formally entered The Boring Company’s tunneling sweepstakes.
The township’s board unanimously approved an application to The Boring Company’s “Tunnel Vision Challenge,” which offers up to one mile of tunnel construction at no cost to a selected community.
The Woodlands’ proposal, dubbed “The Current,” features two parallel 12-foot-diameter tunnels beneath the Town Center corridor near The Waterway. Teslas would shuttle passengers between Waterway Square, Cynthia Woods Mitchell Pavilion, Town Green Park and nearby hotels during concerts and large-scale events, as noted in a Chron report.
Township officials framed the tunnel as a solution for the township’s traffic congestion issues. The Pavilion alone hosts more than 60 shows each year and can accommodate crowds of up to 16,500, often straining Lake Robbins Drive and surrounding intersections.
“We know we have traffic impacts and pedestrian movement challenges, especially in the Town Center area,” Chris Nunes, chief operating officer of The Woodlands Township, stated during the meeting.
“The Current” mirrors the Loop system operating beneath the Las Vegas Convention Center, where Tesla vehicles transport passengers through underground tunnels between venues and resorts.
The Boring Company issued its request for proposals (RFP) in mid-January, inviting cities and districts to pitch local uses for its tunneling technology. The Woodlands must submit its application by Feb. 23, though no timeline has been provided for when a winning community will be announced.
Nunes confirmed that the board has authorized a submission for “The Current’s” proposal, though he emphasized that the project is still in its preliminary stages.
“The Woodlands Township Board of Directors has authorized staff to submit an application to The Boring Company, which has issued an RFP for communities interested in leveraging their technology to address community challenges,” he said in a statement.
“The Board believes that an underground tunnel would provide a safe and efficient means to transport people to and from various high-use community amenities in our Town Center.”
Tesla is making two big upgrades to the Model 3, coding shows
SpaceX secures FAA approval for 44 annual Starship launches in Florida
