Faraday Future accused of defaulting on $1.8 million in payments to visual-effects company
AP Photo/Jae C. Hong
The Mill Group said in its complaint that Faraday hired the company last summer to create a visual presentation "to promote the January 2017 launch of a new electric vehicle developed by Faraday," according to legal documents published by Jalopnik on Monday.
The complaint alleges that Faraday agreed to make payments totaling $1,855,750 to The Mill Group beginning in September 2016, with a final payment due in October the same year. The Mill claims it delivered the product to Faraday and alleges Faraday only paid $20,000 of the agreed-upon amount, according to the complaint.
Faraday Future representatives did not immediately respond to Business Insider's request for comment on the allegations.
The Mill Group is the latest supplier to claim Faraday has not paid for services rendered. The intensely private startup has been struggling publicly in the face of a cash crunch and executive departures over the past six months.
Business Insider recently talked to eight current and former Faraday executives who described a company in turmoil. Once source with knowledge of the Faraday's affairs said if the company fails to beef up its pocketbook, "the suppliers would essentially force them into bankruptcy."
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Rupee falls 10 paise to settle at 83.48 against US dollar