Penske: Faraday Future struggles not impacting Dragon FE effort

Photo: Nat Twiss/Spacesuit Media

Faraday Future’s current financial difficulties are not having any impact on the Dragon Racing operation in Formula E, according to team boss Jay Penske.

EV start-up Faraday Future announced earlier this month that it would be halting the construction of its $1 billion factory on the outskirts of Las Vegas, Nevada amid ongoing financial struggles.

The company’s billionaire owner, Jia Yueting, has recently resigned from a number of roles in his Chinese technology company, LeEco, as well as having $182 million of his assets frozen in court.

While the outlook for Faraday Future and its plans to launch a production car, the FF 91, remains unclear, Penske stressed that Dragon’s relationship with the company remains healthy, having announced a technical partnership with the EV manufacturer at the end of Formula E’s second season.

“There certainly has been a lot of press,” Penske acknowledged during the FIA press conference ahead of the New York City ePrix. “The response that we’ve had from the team and the Faraday engineering side has been very good. They’ve been active every week with us since really London last year.

“So we haven’t seen any change. We’ve had a great working relationship with their team.”

Penske also professed his belief that Faraday Future will be able to bounce back and recover, citing Tesla as an example of what may be possible.

“Tesla was a start-up. People don’t remember probably two years ago when Tesla’s stock hit rock bottom and everyone was scrambling, is this even going to come out of the bottom there,” Penske said.

“These are businesses that have incredible promise. They’re risk-takers, but there are incredible rewards.

“We believe long-term that companies like Faraday will not only succeed but continue to build market share. They’ve been a great partner thus far in racing.”

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