Category Archives: Cloud Computing

Announcement: PC Computer Repairs NYC

Computer Repair, Maintenace, Installation, Web Design and Tech Support – New York City, NY

When it comes to servicing your computer, we strive to provide business and home MAC and PC users in NYC Manhattan and Brooklyn with a service oriented experience. All of our service professionals are Microsoft Certified MCPs. We provide small business to medium business, home, house calls, onsite and off site dropoff computer repair NYC.

For small businesses the experts at b4computers can:

  • Setup Microsoft Windows Server domain and workgroup networks
  • Repair Microsoft Windows Server 2003, 2008 and 2012 operating systems
  • Setup, upgrade and repair Dell, HP, IBM, Lenovo and other servers
  • Provide secure internet access through a VPN LAN
  • Setup a business network with domain configured windows server environment

For business and home the experts at b4computers can:

  • Perform the service and repair at your business, home, or you can come to us
  • Fix problems encountered with all standard hardware and software for server, desktop, tower, laptop, notebook, and netbook.
  • Provide service to install, Windows upgrade and repair for Microsoft Windows 10, Windows 8, Windows 7, Windows Vista, and Windows XP.
  • We repair and are experienced with all manufacturers such as Apple, Dell, HP, Lenovo, Sony, IBM, ThinkPad, Vaio, Toshiba, Mac, Macbook, Macbook Pro, iMac and others.
  • Upgrade and repair laptop, desktop and tower computers
  • Repair cracked laptop screen, dim or flickering LCD screens for laptops and LCD monitors
  • Update your operating system with fixes, drivers, and security updates
  • Train you on how to operate your computers and keep them updated so you encounter fewer problems
  • Computer hardware and software upgrade advice
  • Configure the software to enable us to service your computers remotely
  • Setup secure and encrypted wireless networks
  • Extend wireless networks to reach all rooms and spaces
  • Service your computers with privacy and confidentiality in mind
  • Hard drive data recovery

We do not sell any parts directly to the client. Parts can be purchased by the client or we can purchase it for you to perform the repair. What it costs us to acquire the part is what you pay.

Onsite in home PC computer repair service is at $75 per hour plus parking if applicable.
Onsite business workstation and server computer repair service is at $90 per hour plus parking if applicable.

Contact: Peter Coach  631-965-5110

email info@newhopehotline.com

Virus removal NYC, Malware removal  Manhattan, Adware Removal Brooklyn

In the early age of computers viruses would try to display a message on your screen, delete your files and break the operating system. Now most viruses are trying to make money off of you. They do this with

Google ads that either you click on or they get paid simply showing the ad. We can remove the virus and repair your computer so its safe to use and with restored performance. You can get a virus from an email attachment, adobe flash, java, website and programs you download. We provide virus removal services in Manhattan Brooklyn New York. We can provide this service at your business and home or you can drop off your computer in New York City.

There are many types of computer viruses:

Boot sector virus – Infects your hard drive and works in the background.

Browser Hijacker –
Infects Internet Explorer, Firefox and Chrome redirects the page you want to visit to an advertisement website page. When you search on Google changes the search result with new links that redirects to ads. Changes your home page to a fake search page. It also can display pop ups

Polymorphic Virus – Evades antivirus utilities by changing its own program to prevent detection.

Resident Virus – Loads a side virus that restores the main virus when deleted

Rootkit Virus – Invisible virus that hides and runs in the background

Trojan Virus – Gets installed when loading a program or utility you want

Keylogger Virus – Records your passwords and sends them back to virus creator

Ransomware – Stops you from using your computer until you pay with a green dot MoneyPak. This shows up in many forms like the FBI computer virus

Worm – Is a virus program that copies and multiplies itself by using computer networks

Fake Antivirus – Logos and images look almost like the real thing. They run a fake scan then displays a result page of all the viruses it found. Then asks you to purchase the program to remove them.

Spyware / Adware – tracking and storing Internet users’ movements on the Web and serving up pop-up ads to Internet users.

If you would like more information on all the different types of viruses out there click below.

http://en.wikipedia.org/wiki/Computer_virus

Terms & Regulations

Scheduling
Our schedule changes daily, depending on other clients, traffic conditions and public transportation. You should allow us a one hour margin from your appointed time. If we schedule for 5:00pm, we might arrive as late as 6:00pm, but we always try our best to be punctual

Time = Money
When your technician comes over, please remember that time is money. Although we work very fast, we are not psychic and can never be 100% sure how much time a certain task could take. The charge is by an hourly rate, even if it takes 4 hours to do something you thought would take only 2 hours.

One Hour Minimum
The first charge is always for arriving/traveling and the first hour of work. Even if your problem is fixed after 9 minutes, you will still have to pay for the entire hour. After the first hour, charges will be made for parts of an hour (for example, 2 hours and 10 minutes).

Payment
We accept cash or checks (with a preference for cash). If you are a business, we can invoice you, and set up a time to be paid. For remote/online service, we accept payment through PayPal.com or Google Checkout.

Coverage Area
Since this is New York, most of our traveling takes place on public transportation, which means that if you live too far from the city, there will be an extra charge for the first hour (the hour that includes the traveling fee).

Contact: Peter Coach  631-965-5110

email info@newhopehotline.com

rates-office365-pc

 

Microsoft Office 2010
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Announcement: Special Offer – Free Setup with Office 365

For a limited time free Microsoft Office 365 setup “Email, Domain, Exchange services” with purchase. Contact us for your free 30 Day Trial and offer details at info@office365cloudsupport.com. offer expires Oct 15, 2011

Microsoft Office 365 – Microsoft Office 2010  http://www.facebook.com/profile.php?id=1211898678#!/pages/Microsoft-Office-365-Microsoft-Office-2010/164012340348305

http://community.office365cloudsupport.com

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'Fintech has arrived in mortgages': London's Habito raises £5.5 million from Silicon Valley fund

Daniel Hegarty_Founder_Habito

LONDON — Online mortgage broking startup Habito has raised £5.5 million from Silicon Valley-based Ribbit Capital and existing investor Mosaic Ventures.

The Series A round takes the total raised by the British startup to £8.2 million. Other investors in the two-year-old business include Transferwise CEO Taavet Hinrikus, Funding Circle’s cofounder Samir Desai, and Russian tech billionaire Yuri Milner.

Habito is part of a growing “PropTech” scene in London, a subset of fintech — financial technology — that applies tech to the property sector.

Habito CEO and founder Dan Hegarty told BI: “Someone in the mortgage market was saying to me the other day they think they’ve seen more innovation in the mortgage industry in the last 12 months than they have in the last 10 years. That’s a general feeling. Fintech has arrived in mortgages.”

“You can see why it was one of the last places to approach because it is so complex and thorny and there are no quick wins. We’ve got some pretty radical ideas about what we can achieve here over the next 12 to 24 months.”

Habito lets people search for and secure the right mortgage for them. CEO and founder Dan Hegarty told BI: “The fundamental premise is it’s the only place where someone can come online, obtain real-time online mortgage advice, and then scour the market for the best product for them.

“We then go and get the product for them, I think that’s the primary difference. We’re not just there to give people price comparison, we offer people the full service all the way through to completion.”

The whole process takes up to half an hour on Habito’s site, although the mortgage itself can take longer depending on the provider.

Habito’s service has been live for 9 months and the startup has completed £50 million-worth of mortgages for 20,000 customers.

“We’re getting into relatively significant sums now,” Hegarty says. “We’ve grown 30% month-on-month every month since we launched. We’ve just come out with a tube campaign, that’s been more successful than we anticipated, which is wonderful. Every week is our busiest week ever but we’ve been particularly busy.”

Digital Mortgage Adviser HabitoRibbit Capital, founded in 2012, is a specialist fintech fund based in Palo Alto that has backed startups such as peer-to-peer lender Funding Circle, bitcoin exchange Coinbase, online investment platform Wealthfront, and German savings platform Raisin.

Hegarty, formerly an early employee of Wonga, says he has “known the Ribbit guys for maybe 5 or 6 years.”

“There wasn’t a defined beginning to the process but I’d say the whole thing took about 2 months from start to finish,” he says of the fundraise. “They were the top of our list and they seemed excited about what we were doing so we didn’t have to go through a whole beauty contest.”

Habito currently employs 25 people and Hegarty says the money will go towards expanding the company’s product and engineering team.

He says: “Given the complete lack of digital infrastructure in the mortgage industry, even trivial things take serious engineering effort. We’re having to expand that team pretty rapidly to achieve our ambitions.”

Habito is planning to launch a real-time agreement tool and revamp its mortgage alerts in the first quarter of 2017.

Trussle, a rival online mortgage broker, has sought to grow through a partnership with online estate agency Zoopla. Hegarty says Habito is also keen to grow through partnerships, saying: “We’re in talks with everyone you might expect.”

Habito has already inked deals with Perkbox, Experian, and online estate agent Settled and Hegarty says the startup is hoping to do more deals in the future: “Conversations have been going on for a while and we’re trying to find something where we can do something significant and deeply integrate.”

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NOW WATCH: How much money you need to save each day to become a millionaire by age 65

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Tesla's Autopilot investigation could change the nature of auto recalls (TSLA)

tesla autopilot fatality

Just a few months after the federal government opened up its investigation into Tesla’s Autopilot system, the electric carmaker released a software update that could have prevented the whole ordeal in the first place.

The National Highway Traffic Safety Administration launched its investigation in June after a driver died in an accident that occurred while his Tesla Model S was operating with Autopilot activated. The Model S passed under a truck and, ultimately, drove off the road because the Autopilot system was unable to distinguish between the white truck and bright sky to apply the brake.

NHTSA closed the investigation on Thursday and said it will not issue a recall.

But the government agency also hinted that there is room for the nature of recalls to change if over-the-air updates can make cars safer.

“Sure I think that’s something we will take a look at in the future,” NHTSA spokesperson Bryan Thomas said when asked if NHTSA is considering changing the recall structure as over-the-air updates become more common. He added that such a change is not in the works right now.

Tesla and accountability

Tesla autopilotNHTSA raised two keys points when clearing Tesla of any wrongdoing.

One was that, as a Level 2 self-driving system, the onus was on the driver to monitor the system and intervene — something the driver who died in this accident had ample time to do. The other was that Autopilot was known to be unable to detect traffic crossing in front of the vehicle, so it was not defective when it didn’t apply the brake.

Thomas said that even though Tesla issued a software update in September 2016, which the company claimed could have prevented the accident, it shouldn’t be seen as a “remedy.” Essentially, Autopilot was not defective by not applying the brake before hitting the truck, even though it presumably would do so in the same situation today because of the software update. 

Still, the Tesla investigation suggests that in the future, automakers may be able to avoid costly recalls through software updates before investigations into potential defects even close.

NHTSA even acknowledges that the Tesla update addressed some of its concerns about Autopilot in its report. That’s something most traditional automakers can’t currently do during an ongoing investigation because their vehicles aren’t capable of wireless updates. Instead, most car owners today have to take their vehicle to a dealer to get a software update. 

In the future, NHTSA may change how it handles defects if it determines issuing a software update is faster than the recall process, Thomas said.

“These are questions the agency will have to deal with in the future, but we would very much like to move quickly toward that future,” Thomas said.

Still, at least for now, automakers are still on the hook for a recall if a defect is found, even if a simple over-the-air update could fix it.

“While we are getting to an era of being able to do over the air updates and correct problems as they arise, it doesn’t change the manufacturer’s responsibility that if a defect has been identified they still have to file a 573 and issue a recall,” Thomas said.

“In the future, if a defect was identified, it’s not enough just to issue a software update, an actual recall has to be issued. And then that software update can happen,” he continued.

Ultimately, the Tesla investigation highlights how the government will need to race the clock to ensure automakers are held accountable for defects, even if they can be fixed easily with software updates. 

SEE ALSO: The government just closed its investigation into the first Tesla Autopilot fatality

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NOW WATCH: Watch a Tesla predict an accident and react before it even happens

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The New York Stock Exchange is fighting back against its critics

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 14, 2016.  REUTERS/Brendan McDermid

The New York Stock Exchange is fighting back in a fierce debate over the cost of accessing the market.

The war of words is the latest in a long-running battle over the cost of data, connectivity and colocation, and was triggered by the Big Board’s request to change the fees it charges for certain connectivity services.

When the Securities and Exchange Commission sought additional comment on the request, those who believe these services have gotten too expensive jumped at the chance to take shots at the exchange.

Now, NYSE is returning fire, taking aim at some of its biggest customers.

In a letter to the regulator dated January 17, NYSE said that the questions raised in the Commission’s Order Instituting Proceedings are moot, as NYSE is no longer pushing ahead with the changes the Order was focused on. 

It then goes further, targeting some of those who responded to the SEC’s call for feedback. The comment letters “frequently mistake the proposed connectivity fees, in particular the previously proposed Premium Connectivity Fee, for market data fees,” according to the letter. They are in fact connectivity fees, according to NYSE. 

NYSE then takes aim at the question of whether these services are essential. This is at the heart of this long-running battle.  The debate centers on whether these services are essential — some customers and rivals say they are, the exchanges say otherwise —and whether there is any competition in the market for that data.

In addressing alternative access and connectivity options they concede are available, several comment letters erroneously equate ‘alternative’ with ‘equivalent,'” the NYSE letter said. It added:

Simply put, the Act does not require that there be at least one third party option available that has exactly the same characteristics as a proposed service before a national securities exchange can impose or change a fee for a service. Indeed, such a requirement would be untenable, as every exchange would have to have an exact duplicate before it could charge a fee.”

And:

“The alternatives offer distinct services and pricing structures that some Users may find more attractive than those proposed by the Exchange, and each User is free to conduct its own analysis of the relative benefits of those alternatives and choose whichever it deems most beneficial to it. Contrary to the IEX Letter, the fact that not every User will find the alternatives equally attractive does not mean that the alternatives are not real.”

NYSE takes issue with those who argue that market participants “are required to co-locate with, or to subscribe to proprietary market data products directly from, an exchange.”

It names Wolverine Trading, a proprietary trading firm which also has a broker-dealer arm, which said in its comment letter it is “required to subscribe to the lowest latency NYSE market data products and services.” NYSE disputed this. It said in the letter:

“Wolverine Letter then treats all its costs– including the optional cage surrounding its cabinets, power, cross connects, network ports and connectivity—as costs related to market access. However self-servingly it tries to characterize them, these listed costs, like rent and employee compensation and benefits, are simply costs associated with Wolverine’s business activities. These business activities and Wolverine’s business judgment—not the Exchange—determine the most effective way for Wolverine to select the products and services it uses”

It then names Citadel Securities, a firm which is responsible for 15% of US listed equity volume, and Bloomberg, the financial data giant, grouping them with Wolverine. Citadel sent a comment letter to the SEC (you can read about that here), while Bloomberg is part of SIFMA, which also sent a comment letter. It said:

“These firms have chosen to build business models based on speed. The Exchange finds it interesting that such firms and SIFMA object to exchange fees, which are subject to Commission review and the requirements of the Act, but by and large do not disclose how much profit they or their members make from being co-located and using exchange market data products.”

Burn.

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NOW WATCH: Here’s the massive gap in average income between the top 1% and the bottom 99% in every state

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A hot new hedge fund expects 'hundreds of billions of dollars' in tech deals (CSOD, AAPL, DIS)

Samantha Greenberg

A hot new hedge fund says the tech industry is up for a wave of deals worth billions of dollars — and it is betting big on companies that could benefit.

Margate Capital, a New York fund launched last year by former Paulson & Co. partner Samantha Greenberg, lays out the thesis in its fourth-quarter investor letter, a copy of which was obtained by Business Insider.

“We believe we are in the early innings of a substantial wave of consolidation in the technology industry, specifically within semiconductor and software verticals,” Greenberg wrote. “We jokingly say that each month we read about a ‘new hundred billion dollars’ raised to pursue technology assets.”

Here are three examples, as per the letter:

“(1) the recently announced $100Bn Softbank Vision Fund, backed by Softbank and Saudi Arabia’s Public Investment Fund; (2) a November Wall Street Journal article noting that technology-focused private equity firms have raised $100Bn from 2015 to 2016 (on top of $50Bn in 2014) to pursue technology deals; and (3) China’s announcement that it is dedicating $100Bn to purchase and invest in semiconductor assets.”

Margate, which manages about $200 million, is “particularly bullish on software consolidation as the universe of software buyers continues to expand,” the letter added, noting the emergence of “a new category of software company acquirers” — industrial conglomerates.

Here’s Greenberg:

“This is illustrated by two marquee transactions in Q4: Siemens’ acquisition of Mentor Graphics for $4.5Bn and Koch Industries’ $2.5Bn investment in Infor (at >$10Bn valuation). We similarly expect General Electric to pursue software acquisitions, in furtherance of its GE Digital business strategy and to achieve its stated target of growing its revenue base from $6Bn to $15Bn.”

General ElectricIn line with its investment thesis on tech, Margate is investing in Cornerstone OnDemand, which has received takeout offers. “With CSOD’s current stock price 20% below where it traded in September and its fundamentals poised to accelerate, we continue to be excited about the position,” the letter said.

Margate’s strategy launched August 1 and returned 5% net of fees through the end of 2016 compared with 4% for the S&P 500, according to the investor letter.

Greenberg is one of very few women managing their own hedge fund. As a partner at Paulson & Co., she headed the group that invests in the media/cable/satellite and consumer sector.

Last year Greenberg pitched a bet on the Walt Disney Company at the Robin Hood Investors Conference in New York.

Her latest letter adds to the thesis, describing the company as a “logical acquisition target” for Apple. “Apple has talked about the benefit Apple sees when it owns exclusive content, and owning Disney would reduce Apple’s exposure to product cycles, expanding AAPL’s valuation multiple,” Greenberg wrote. “It would also be an accretive use of Apple’s cash and even more so if Apple’s $200Bn of offshore cash can be repatriated favorably.”

Disney, along with Cornerstone, is among the firm’s top five long positions, according to the letter.

SEE ALSO: Hedge fund legend David Einhorn is making a big bet on GM

SEE ALSO: Something is missing from the hedge fund industry

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NOW WATCH: How Donald Trump used bankruptcy to stay rich

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This Airbus patent could fix the worst thing about flying coach

Airbus recently filed a patent for a sleeping box system for its A350 and A380 aircrafts. The 31″ x 31″ beds would feature all the amenities of an airplane seat, but in a reclining bed. However, if you get cramped, a standard airplane seat isn’t included in the ticket price.

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Hackers showed us how easy it is to secretly clone a security badge

Almost everyone uses an RFID badge to get into their office or apartment, and it’s a lot easier than you might think for someone to steal the data on your card to gain access. A group of white hat hackers called RedTeam Security cloned one of our work IDs to show us just how quickly they can do it from as far as 3-6 feet away.

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The 11 best games from the '90s

The ’90s was an amazing decade for video games. Not only were companies perfecting games and genres established in the decade prior with entries like “Chrono Trigger” and “Super Mario Bros. III,” but they also started bravely going where no other games gone before: the 3rd dimension. Here’s a list of the 11 best games from the ’90s.

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Chinese-backed Faraday Future was seen as a Tesla challenger, but it may be running out of cash, sources say (TSLA)

Faraday Future Jia Yueting Nick Sampson

Faraday Future, the electric-car startup once hyped as a “Tesla-killer,” was getting a second chance. It had to get this one right. Early this month, a roster of company executives and Faraday’s most visible investor, Chinese billionaire Jia Yueting, gathered at the International Consumer Electronics Show in Las Vegas, the annual mega-showcase for the technology, electronics, and auto industry’s buzziest new products, from drones to TVs to self-driving cars.

For Los Angeles-based Faraday Future, it was a chance to prove to the world that the company is for real, after its first appearance at CES in 2016 raised more questions than it answered. The startup had unveiled a sleek autonomous prototype, but the vehicle turned out to be an inoperable one-seat race car that might never be built — hardly a challenger to Tesla’s growing fleet of electric vehicles that the tech press had been hoping for.

So in 2017, nearly three years after its founding, and after the company had poached talent from Silicon Valley and Detroit and ballooned to 1,400 employees, Faraday Future needed to show it could produce a real car. Instead, its second attempt has been largely deemed a flop. The company does have cars that can drive, but it struggled to prove that on the CES stage. It was, perhaps, a fitting end to a year of turmoil for Faraday and a moment of glee for its critics, including recently departed employees.

Business Insider interviewed eight people with intimate knowledge of Faraday Future’s business to learn about the state of affairs leading up to the CES presentation. All the executives spoke on condition of anonymity so that they could speak freely.

They described a business in shambles, with more than a half-dozen senior executives departing since last spring — including Faraday’s global CEO, who had left just before CES. The current and former Faraday insiders also describe millions of dollars in unpaid bills, and a chaotic corporate structure between Faraday’s US and Chinese operations. The most immediate of Faraday’s problems is its cash shortage, insiders said. “If CES doesn’t bring in fresh investors, it’s over between February and May,” one source close to the company told Business Insider.

The accounts in this story were presented to representatives for Faraday Future and its Chinese partner LeEco, who described the accounts as speculation and declined to comment further.

Jia Yueting

It starts with Jia

Jia Yueting is Faraday Future’s only publicly known investor.

Sometimes referred to as “YT,” Jia is CEO of the Chinese electronics company LeEco, which makes smartphones, TVs, and virtual-reality headsets. Forbes estimates his wealth at nearly $4 billion, making him the 37th-richest person in China last year.

Through a holding company, many of the businesses have been publicly listed in China since 2010, according to Jia’s corporate biography. That business has a market value of about $11 billion.

Faraday Future was established in 2014 by two people: Jia and Faraday’s current senior vice president of research, development, and engineering, Nick Sampson. Sampson managed an engineering team at Tesla before moving to Faraday Future.

But since Faraday officially debuted at the 2016 Consumer Electronics Show, it was unclear who was running the company. Faraday did not publicly name a CEO or reveal who its other investors were, aside from Jia. Even now, its website lists several senior executives but no CEO.

Several of Business Insider’s sources who have direct knowledge of the company’s leadership structure said there have been at least two “CEOs of record,” people who had the ability to sign financial documents for the company. The first was Chaoying Deng, an executive from a LeEco subsidiary who held the role until October 2015.

The second CEO of record was David Wisnieski, who was officially Faraday Future’s director of finance. Publicly available documents from the state of Nevada list Wisnieski as president, secretary, treasurer, and director of “Faraday & Future Inc.,” the company’s legal name. He left in July 2016, and a new officers’ list isn’t due to Nevada until March.

BI Graphics_Faraday Future timeline_03Notably, Chaoying, the first CEO of record, resurfaced on new Faraday documents last month. She signed a land-sale agreement on behalf of Faraday Future in Nevada. She is listed on the document as president of the limited liability company under which Faraday buys its land, called Robin Prop Holdco LLC. The document details a December payment of $510,000 to Faraday Future from the city of North Las Vegas for 17 acres of land at the site of Faraday’s future assembly plant.

Three people close to Faraday said that a third person, named Ding Lei, who was officially a cofounder at LeEco, was acting as Faraday’s “global CEO” until late 2016 when he suddenly left the company.

“He was unable to contain YT,” one source said about Ding Lei’s working relationship with Jia.

The Verge, which reported the news of Ding’s departure in late December, reported that he remains employed by Jia’s LeEco’s own car project called LeSEE, citing a spokeswoman for the Chinese company. One person told Business Insider said this means he remains involved with Faraday’s China division, which this person described as essentially an extension of LeSEE.

The people say that it is Jia who is now acting as Faraday’s unofficial CEO, directing its teams and making decisions for the company. “This isn’t a strategic partnership — it’s a subsidiary,” said one of the people.

‘Inefficient and disorganized’

Faraday quote_small_02 (1)That status, as a de-facto subsidiary of LeEco rather than an independently run business, is where many of Faraday’s troubles start, the people say. They describe arrangements that seem geared toward advancing the development of a car at LeEco rather than producing one for Faraday, and decisions made to please Jia’s ambitions rather than to reflect the reality of Faraday’s means.

“The US management team really had no say and had to do what [Jia] wanted because he was paying for everything,” a source who worked in design for the company said.

The clash of cultures between Faraday in the US and LeEco in China started early, The Guardian reported last year, explaining that the Chinese managers’ proposal to name the company Fara Faro was met with ridicule by the Americans, who eventually picked the name Faraday Future. And the insiders who spoke with Business Insider say Faraday Future is often visited by groups of LeEco employees from China who frequently travel to Faraday’s Los Angeles-area headquarters.

“There were times that the Beijing team would come out and learn what we were doing but were working on their own designs and then they would go back,” one source said.

Faraday Future

A $1 billion mirage in the desert

That push to fulfill all Jia’s wishes goes back to early plans for a $1 billion factory, in a vast expanse of dusty desert land 10 miles north of the Vegas Strip. The startup’s proposed 900-acre factory would be the home of its US vehicle production, and about 4,500 people, many of whom are locals, would be hired to work there. The plans were celebrated by state officials, including Nevada Gov. Brian Sandoval in April 2016.

Business Insider was at the event, where wine and hors d’oeuvre were served in an air-conditioned tent next to a vast, dusty vacant lot.

“Welcome home, Faraday. Welcome home,” Gov. Sandoval declared as he took the stage.

Faraday Future North Las Vegas

Jia was shown several options for the North Las Vegas plant because company finances seemed to be tightening, the two people with knowledge of the decision said. Some of those proposals were more cost-effective than others. Jia pushed for the big one.

One source with knowledge of the factory plans said work at the site “stopped almost as soon as it started.”

Faraday and its contractor, AECOM, said the work stoppage was only a hiccup and the project would resume in 2017. At a December 2016 media tour inside Faraday Future’s headquarters, Faraday showed a flashy video simulation of the machinery its future factory would have. When pressed on the timeline for the factory, Dag Reckhorn, the company’s vice president of manufacturing, initially implied it has, before clarifying that grading at the site was complete and a video of the still-empty dirt lot was “basically last week, those were the last finishing touches.” When asked when the building would be completed, Reckhorn said, “We will reveal that early next year [2017].”

Business Insider’s sources said Faraday Future has already purchased some of the equipment for the factory and is exploring financing options to get the project going again. But if the money is not there, Faraday may be forced to build a smaller-scale, low-volume plant instead.

Faraday Future

Where’s the money?

Unpaid bills are piling up. Money owed to suppliers alone adds up to about $300 million, executive-level sources told Business Insider. As BuzzFeed News’ Priya Anand reported in December, at least two companies have sued Faraday over unpaid bills, although one of those cases has already been dismissed.

Jia, according to the sources, pushed teams to keep spending money at 100% but leaves them in the dark about sources of funds.

“There was no visibility about when the money would arrive — we were told to continue making commitments to suppliers,” a source at the company said, adding that Faraday got about 10% of the money it needed each month, “only $10 to $15 million.”

Faraday quote_small_01According to another executive-level source, Faraday was seeking help from Chinese investors who were due to visit the company after its CES presentation earlier this month. On multiple occasions over the past year, Faraday’s US spokespeople have told Business Insider that the startup employs a “diverse funding strategy,” but the company had repeatedly declined to specify who, besides Jia, has invested in the company.

The sources Business Insider spoke with did say that Faraday raised a $1 billion convertible bond in China last year, but that the company is still working on getting the funds across the border. The Chinese government, worried about the record outflow of yuan from the country, has imposed restrictions on the overseas transfer of funds by both companies and individuals, and Business Insider’s sources say Faraday’s top executives were wary of increased scrutiny from the Chinese government if it sought approval to convert that money from yuan to US dollars. Jia admitted in November that he had gotten in over his head with all the projects, writing a letter to employees apologizing for moving “blindly” ahead, Bloomberg News reported. “Our cash demand ballooned. We got overextended in our global strategy. At the same time, our capital and resources were in fact limited,” Jia’s letter read. In a deal announced last week, LeEco said it would raise about $2 billion by selling a stake to a Chinese real-estate developer called Sunac China Holdings. The stake sale means LeEco’s own cash crunch is almost over, but it won’t help the electric-car business, China Daily cited Jia as saying:

“Sunac is our second-biggest shareholder. We will explore how to use the internet to fuel its real estate businesses,” Jia said, adding that its electric-car unit would start looking for investors.

Ding Lei LeEco Faraday Future

High-profile departures

Faraday Future lost numerous employees and executives in the waning months of 2016, including chief brand strategist Marco Mattiacci, who arrived just months before, to wide fanfare.

Also gone:

  • Greg Adams, head of corporate strategy
  • Dave Wisnieski, director of finance
  • Ding Lei, Faraday’s “paper” CEO
  • Stacy Morris, former head of communications
  • Robert Filipovic, head of product strategy
  • Sarah Ashton, associated director of governmental affairs
  • Syed Rahman, operations controller
  • James Chen, general counsel

This is not an exhaustive list. Notably, during the December press event at the company’s headquarters, Faraday representatives boasted of a total workforce of about 1,400 people, 1,000 of whom are based in the US. A person close to the company told Business Insider the company cannot feasibly support its current staffing levels and would need to cut that number nearly in half.

Faraday Future

Keeping up appearances

The company’s 2017 showing at CES fared only slightly better than its disastrous debut a year earlier, even though this time Faraday had several working prototypes to show off.

Faraday’s FF91 vehicle failed when Jia pushed a button that was supposed to make the car park itself. After several uncomfortable minutes of silence and ad-libbing between Jia and Nick Sampson, the stage lights dimmed and the car was moved a few feet across the stage.

The full live-streamed video that included the embarrassing flub was removed from Faraday Future’s YouTube channel and replaced with an identical video that ends seconds before the failure is shown. The original video is still live on the site, and you can find it here. The malfunction begins around the 1:12:30 mark.

Faraday needed this year’s presentation to turn heads, so the event, live-streamed via YouTube, featured several high-end cars — including a Ferrari 488 GTB, a Bentley Bentayga, a Tesla Model X, and a Model S accelerating quickly off the stage.

What the livestream audience did not see was a close-up look at the Faraday Future car’s interior, where the many first-of-its-kind technologies would be displayed. It wasn’t shown because it wasn’t ready.

The examples Business Insider viewed in person at Faraday’s headquarters had only hard plastic moldings of a simulated interior. Faraday had one real, working seat to demonstrate to a group of about 25 journalists.

Faraday told journalists at the time that it would not show the interior at CES. As with several other major details about the car — including the price — a reveal would come later, the company promised.

“All that stuff at CES was just a bunch of bulls—,” one highly placed Faraday Future source told Business Insider in an interview. Another said the FF91 shown at CES “isn’t even close to being complete,” despite the company’s claims that it would go into production in 2018.

What’s nextFaraday Future

For Faraday Future, the biggest unknowns come back to the money. If the company can successfully pull money out of China, the company could survive.

A Faraday factory could eventually be built, Faraday could produce more than just a few of its electric vehicles, and, despite a rumored sticker price of at least $180,000 for the FF91, perhaps a few people might even buy one.

The company announced that it received more than 64,000 reservations for the car shortly after CES, but people were allowed to put their names down with or without a $5,000 deposit. Sources close to the company told Business Insider 60 people actually submitted a paid reservation.

Faraday Future has a good PR team. The buzz surrounding the company has been relentless, with a steady stream of tweets, YouTube videos, and blog posts that Faraday uses to keep people talking. But so far there has been little substance to back it all up.

Initiatives that are key to getting its cars on the road, such as government-mandated crash testing, have yet to be performed.

And time for the startup seems to have almost run out. As one Faraday Future source who spoke with Business Insider put it, “If they can’t figure out a way to get the money out of China in the next 60 days, the suppliers would essentially force them into bankruptcy.”

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NOW WATCH: Watch Tesla rival Faraday Future debut its first car by having it back itself into an empty parking spot

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