Aug 15 (Reuters) – Faraday Future Intelligent Electric Inc (FFIE.O) said on Monday Faraday Future would receive as much as $600 million in financing, as it looks to deliver its luxury car, the FF 91, by the end of the year. In its July 25 SEC filing, Faraday Future said it needed additional funding to make its flagship electric car a reality. The FF 91s launch, slated for this month, is being delayed further into 2022, according to its latest report, with EV startup Faraday Future seeking more capital to get production started, and then some. According to its latest report, Faraday Future is delaying the launch of its flagship electric vehicle until either the third or fourth quarter of 2022, citing a need for more capital in order to do so successfully.
Faraday Future has previously said that it plans to debut the debut FF 91 car as early as July 2022. Faraday Future also announced an agreement with Korean manufacturer Myoung Shin to produce its second vehicle at the former General Motors factory in Gunsan, South Korea, starting 2024. Faraday Futures second EV would be a luxury mass-market EV targeting a wider audience than FF 91, according to Faraday Futures announcement. The target starting price of the FF91 is $120,000, although at launch it will be only a dedicated Futurist model.
Full production on its one electric car is planned to begin in Q3 2022, according to the company. This news was followed by an announcement about its flagship EV. The products debut began with an electric racing vehicle, the FFZERO1, and an alliance with Chinas Netflix equivalent, LeTV, at the 2016 Consumer Electronics Show. The company marked its fourth milestone in production by unveiling the Production Intent Vehicle, which completed the final certifications and engineering tests before starting manufacturing in the third quarter of 2022.
As the company moves through the production-intent construction process, the company is featuring each production-intent vehicle to highlight global supply partners who have made their leading vehicles unique. With each production-intent vehicle built over the months leading up to FF 91s SOP, the company will recognize a different FF 91 family supplier around the world with a one-of-a-kind IEM medal. The global DNA campaign highlights our global supply chain that helped build our flagship car, said Faraday Futures global managing director, Carsten Breitfeld. Its first-ever production car is going through its final inspections and certifications, on track to begin production in the third quarter of 2022, at the Faraday Future (FF) plant in Hanford, should all go smoothly.
CEO Carsten Breitfeld said the California California production plant for Faraday Future is close to being completed, with the testing underway for the luxury car, FF 91. Faraday Future caught the EV communitys attention at CES 2017, when the company showed off a prototype for its FF 91 SUV, racing it against the Tesla Model S. However, since then, the company has seen significant hurdles, including disputes over its management and restructuring initiatives. In February, Faraday announced that chairman Brian Krolicki had stepped down from his position as board chair, following an internal investigation conducted by Faraday which revealed the company had made statements regarding the pre-orders for its one electric car which may have misled investors. The company also said the internal Faraday probe had identified significant weaknesses in its internal controls, and it needed to update staffing and systems.
The firm announced Thursday that the Securities and Exchange Commission (SEC) had opened an investigation of Faradays statements regarding the advance ordering of its one electric car during the period leading up to the companys public offering of the one. The gulf between the two companies continues to widen in favor of Faraday. In related news, sources told Bloomberg that Faraday Future would also move forward with plans to manufacture electric cars in China, opening a factory there, while Geely is said to be providing the contract production services.
If everything goes according to plan, vehicles will be available on the market within several years, before a flood of electric vehicles by emerging startups as well as conventional carmakers. Faraday announced at the end of February that the companys YT jia had finally succeeded in producing an electric car, the first one it has ever made. Beleaguered American EV startup Faraday Future has delivered some welcome news this week, as it lined up fresh financing the firm believes will allow it to finally start shipping its flagship electric sedan, the FF 91. Faraday Future has joined the FIA Formula E Championship for electric cars, working in partnership with existing Dragon Racing, a similarly American-based outfit, for the 2016-2017 Formula E season.
As early as July 2021, Faraday announced all reservations and deposits were secured for a limited-edition, invitation-only 300-unit run of their Futurist Alliance Edition model, the FF 91. It is not clear whether it is those 300 Futurist Alliance Edition models that Breitfeld is referring to as cars to start manufacturing and deliveries during the latter part of this year, but the fact that Faraday Future is finally moving toward something resembling production can only bode well for the companys future. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are beyond the control of the Company, which may cause actual results or results to differ materially from those discussed in the forward-looking statements.
