LAS VEGAS: Faraday Future, the secretive electric car startup with ambitions to overtake Tesla, unveiled its first production vehicle Tuesday, proclaiming it to be a “new species” for personal transportation.
The company, backed by Chinese billionaire Jia Yueting (YT Jia), announced at the Consumer Electronics Show that it would begin taking reservations for deliveries in 2018 with a $5,000 deposit for its FF91 model.
Faraday, which last year unveiled its prototype and is building a factory outside Las Vegas, did not offer details on pricing of the new vehicle.
But it touted specifications on battery range, power and acceleration which pointed to a high-end vehicle, outperforming Tesla on key benchmarks.
In one key benchmark, the Faraday offers an estimated 378 miles (604 kilometers) of range before needed recharging, based on US testing standards, better than Tesla’s 315 miles. Based on European testing standards, the range is 700 kilometers or some 435 miles.
“This is day one of a new era of mobility,” said executive vice president of engineering Nick Sampson.
“This is the first of a new species.”
Because Faraday started from scratch, “we don’t have to follow outdated practices or retrofit existing equipment,” Sampson said. “We have to flip the auto industry on its head.”
The vehicle is packed with technology: It has a semi-autonomous mode which allows for self-parking, and multiple modems to connect to the Internet. It personalizes settings for each driver and occupant.
“Everyone in the car will have their own seat configured for them,” Sampson said.
Faraday’s tests show it accelerates from zero to 60 mph (100 kph) in an eye-popping 2.39 seconds, outclocking key rivals.
“This is the fastest production electric EV in the world,” said Peter Savagian, vice president of propulsion for the company.
The sleek, aerodynamically FF91 demonstrated its muscle with an acceleration demonstration on a straight track in front of an audience, after similar demonstrations by powerful rival cars including the Bentley Bentayga, Ferrari 488 GTB and two Teslas.
The company made no comment on reports of financial difficulties, after several reports that it missed payments to suppliers and had to cut costs.
Those reports come amid news of a cash crunch at Jia’s Chinese-based technology group LeEco, which has been rapidly expanding its products and moving into the US market.
Jia appeared at the Las Vegas event, telling the audience in halting English that “this car is very, very cool.”
The Chinese entrepreneur said he hopes the project will help usher in a new era of mobility which is more environmentally friendly.
“Once you have this you can get rid of the other cars in the garage,” he said.”
Electric car startup unveils ‘new species’ of vehicle
Electric car startup unveils ‘new species’ of vehicle
Aramco’s 13% rally helps Saudi stocks post second weekly gain
RIYADH: Saudi Aramco extended its year-to-date rally to nearly 13 percent on Thursday, helping the Kingdom’s benchmark stock index secure a second straight weekly gain despite a weaker final trading session.
Saudi Aramco shares, which carry the heaviest weighting on the Saudi Exchange, closed at SR26.86 ($7.16), leaving the stock 12.72 percent higher since the start of 2026. The stock also remained 3.09 percent above last week’s close, even after falling 1.1 percent in Thursday’s session.
The rise in energy shares came as escalating tensions in the Middle East pushed oil prices above $100 a barrel, after attacks on tankers in the Gulf and the Strait of Hormuz heightened concerns over supply disruptions.
The Tadawul All Share Index maintained its weekly uptrend, rising nearly 1.07 percent week on week to close at 10,778.32, despite falling 0.45 percent in Thursday’s session. Compared with the first trading day of the year, the index has gained 4.01 percent.
Total trading turnover on the benchmark index reached SR5.05 billion at Thursday’s close, with 88 stocks advancing and 176 declining.
Aramco’s performance continued to anchor sentiment after the company reported adjusted net income of $104.7 billion for 2025 earlier this week, while net profit fell 12.1 percent year on year to $93.39 billion, compared with $106.25 billion in 2024, as lower crude prices weighed on earnings despite higher sales volumes across oil, gas and refined products.
On a March 10 earnings call, Aramco CEO Amin Nasser warned that prolonged disruption in the Strait of Hormuz could have severe implications for global energy markets. Roughly 20 percent of the world’s oil normally passes through the waterway each day, but shipments have been largely blocked.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy,” he said.
“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”
Saudi equities showed mixed performance in Thursday’s session. The MSCI Tadawul Index fell 5.99 points, or 0.40 percent, to close at 1,476.76.
The Kingdom’s parallel market Nomu gained 132.47 points, or 0.6 percent, to close at 22,370.4, with 38 stocks advancing and 34 declining.
On March 11, the International Energy Agency announced the release of 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels starting next week.
