Faraday Future has been facing its fair share of struggles and the latest news continues to paint a pretty bleak picture.
According to The Verge, multiple sources have suggested the cash strapped company could be preparing to end its involvement in Formula E in a move to cut costs.
The automaker entered the series last year and partnered with Dragon Racing in an effort to promote the brand and gain technical expertise through racing electric vehicles. This is a pretty common practice but it appears the partnership could be coming to an end.
In a statement, Dragon Racing commercial director Keith Smout said the team has a four-year contract with Faraday Future and it’s in “good standing” at the moment. However, he confirmed the two companies are discussing the upcoming season and later hinted “Where there is smoke, there is fire.”
Despite that dire sounding message, Faraday Future told the publication they haven’t made a decision to leave the series and said engineers recently traveled to Spain to be involved in testing for the upcoming season.
That’s not entirely reassuring and neither is a report that suggests the company is behind on payments to team founder Jay Penske. The Verge cites one “high-level person” from Formula E as saying Penske is “frantically” looking for a new automotive partner to replace Faraday Future.
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