Today, electric car maker Faraday Future released a business progress update announcing that all the equipment it needs to mass-produce the FF 91 electric car is in place.
Faraday Future said it has made good progress at its FF ieFactory California facility in Hanford, California, and that all of the equipment needed to mass-produce (“SOP”) the FF 91 electric vehicle is now ready. Later this year, the equipment needed to further increase production capacity will also arrive at the facility, and the company does not expect this equipment to materially impact the timing or speed of capacity ramp-up.
Dr. Carsten Breitfeld, Faraday Future Global CEO, said, “The FF ieFactory California team is producing a quasi-production vehicle for final testing, and I am very grateful to the team and engineering contractors at the Hanford facility as we build a world-class luxury car factory. “
Faraday Future currently plans to complete testing, validation and certification of the FF 91 electric vehicle and begin production deliveries in the fourth quarter of this year. Regarding Faraday Future’s financing status, Dr. Bifukang said that previously, some supply chain issues affected the delivery time of the FF 91 electric car. We have now successfully raised $52 million in secured note financing and are continuing to discuss further financing with multiple parties.
Dr. Biffman added, “The Company has taken steps to protect cash flow, including reducing expenses, extending payment cycles and other similar measures. As of August 26 of this year, the Company had a cash balance of $47.2 million in the U.S. and restricted cash of $1.5 million. The timing and amount of additional funding raised may impact the timing and speed of ramp-up of production at the plant, as well as expected production volumes.”
Regarding the FF 91 electric vehicle, Dr. Bifflecom described, “FF 91 will be the first premium, high-performance luxury smart electric vehicle on the market and will redefine the user driving experience. When we launch FF 91 in the fourth quarter, we will show consumers the future of smart, connected mobility.”
Faraday Future released its second quarter 2022 financial results on August 16. According to the report, Faraday Future reported a net loss of $142 million (about 963 million yuan) in the second quarter, an increase of 168 percent year-over-year.
