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Faraday Future, a publicly traded company, should jump into the AI hype machine now because it is nearly out of cash and its long-delayed EV has yet to reach customers.
Faraday Future announced Tuesday that its first production car, the FF 91 Futurist, will have generative AI. Never mind that the vehicle has been delayed for years, that Faraday Future was down to its last $30 million and pushing the delivery date again three weeks ago, or that the company has bounced from one internal drama to another. Money will flow just by saying “generative AI.”
Know what? Post-announcement stock rose 6.2%. Even the smartest publicly traded companies eventually succumb to fundamentals. Stock may drop.
Faraday Future announced a “Generative AI Product Stack” for FF 91. “Through this Generative AI Product Stack, the company has integrated its foundational AI capabilities with advanced models such as ChatGPT, GPT-4, and others from companies such as OpenAI and Microsoft,” the company claims.
It sounds like vaporware Mad Libs. OpenAI’s ChatGPT generates text. GPT-4, a large deep learning language model, produces human-like text for the chatbot. Microsoft added GPT-4 to Bing in February.
Faraday Future stated that it will use ChatGPT.
“With this Generative AI Product Stack, the company has the potential to scale to additional advanced generative AI models, giving extraordinary abilities to users,” the announcement states. Faraday Future does not explain what additional advanced generative AI models mean or what extraordinary abilities users will receive. “Complex text and voice queries, image and video generation, stock analysis, live translations, search, entertainment, education, e-commerce, and more” will be personalized using generative AI, the company said.
New cars have voice assistants that can navigate and answer questions using natural language processing. This doesn’t require generative AI.
In April, its Hanford, California plant produced the first FF 91. Customer deliveries haven’t started yet. Faraday Future delayed FF 91 Futurist EV deliveries to May. The next two production and delivery phases are uncertain. Faraday Future said it needs “substantial additional financing” to start the second and third phases and is in talks with more investors. Faraday Future also needs crash tests.
