According to CSI Taurus, Faraday Future Global Chief CEO Chen Xuefeng said the company expects to begin production of the saleable FF 91 Futurist by the end of March 2023, with the vehicle rolling off the production line in early April for delivery by the end of April, subject to all funding being accounted for.

For the next step of Faraday Future’s plan, Chen Xuefeng introduced, “Faraday Future will fully promote and realize the dual-home strategy in China and the U.S. When the FF 91Futurist is delivered in the U.S. market, Faraday Future will realize sales and deliveries in the Chinese market as soon as possible.”

Faraday Future said the FF 91 Futurist is benchmarked against Ferrari, Maybach, Rolls Royce and Bentley. The FF91 can be powered by 1050 horsepower, has an EPA-certified range of 381 miles (about 613.16 km), and accelerates from 0-60 miles (about 96.56 km) in just 2.27 seconds.

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On the left side of the poster titled “Going Home” is a poem written by Su Shi in ancient Huangzhou “Standing the Storm, Don’t Listen to the Sound of the Forest Beating the Leaves”: “Looking back, there has always been a bleak place, and when I go back, there is neither wind nor rain. Sunny.” Interestingly, the ancient Huangzhou belongs to Hubei, which coincides with the previous rumors that FF’s China headquarters will be located in Wuhan.

Another poster shows that an FF 91 is parked in a warehouse, and there is a cargo plane with the words “International Cargo Aviation” on the fuselage behind it, which may imply that the FF 91 will be exhibited back home.

A week ago, Faraday Future had just received a delisting warning from Nasdaq because the company had not held an annual general meeting within 12 months of the end of the fiscal year ending December 31, 2021. gram listing rules.

Faraday Future is also delaying and delaying the delivery of new cars. In January 2023, Faraday Future revealed that the latest progress of FF 91 is to start mass production at the end of March 2023 and start delivery before the end of April. But the smooth delivery is predicated on the timely receipt of additional financing of $150-170 million in capital and shareholder approval.

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The company said in an announcement that the FF 91 sale “remains subject to various conditions, many of which are beyond Faraday Future’s control, including the timing, size and availability of additional financing. Faraday Future shares were down 6.8 percent at the close of the regular U.S. trading session.

Previously FF91 received up to $350 million in financing, but some industry insiders said that even if FF got new financing, it would be difficult to accelerate the mass production time of FF91. At the same time, from the FF91 pricing, even if it’s mass production, it is also very difficult to sell.

In fact, in September this year, Faraday Future said in a FORM 8-K filing to the U.S. Securities and Exchange Commission (SEC) that the company would delay delivery of the FF 91 electric car. Faraday Future said it recently implemented a series of cost-cutting measures, including layoffs and extended payment cycles, as part of its efforts to conserve cash and reduce expenses. Depending on the company’s financial and market conditions, Faraday Future may take further cost-cutting measures, including layoffs. In light of this, the company does not expect to begin deliveries of the FF 91 in the third or fourth quarter of 2022.

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Image source: Faraday Future official Weibo

It is worth mentioning that the official also showed an FF91 frame that is on the assembly line, proving that the company is indeed producing cars.

On September 26, Faraday Future issued an announcement announcing that it had reached a final agreement with the company’s major shareholder FF Top on financing and board reorganization. The company’s current executive chairman Sue Swenson and former chairman and current director Brian Krolicki will Resign. Not only that, the company has also received up to 100 million US dollars in financing from Daguan and American ATW Partners. In fact, this appointment and removal made Jia Yueting the helm of FF again.

Public data shows that the cumulative deficit of Faraday Future since its establishment has reached as high as 3.2 billion US dollars, but it has not launched any products that can be marketed. In August, Faraday Future announced it would raise $600 million in funding to deliver the FF 91 luxury car later this year. But on Sept. 26, Faraday Future said in a filing with the U.S. Securities and Exchange Commission that it would delay deliveries of the FF 91 electric car.

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Faraday Future said in the filing that as of September 21, 2022, the company had a cash position of $33.5 million in the U.S., of which $2.1 million was restricted cash. Faraday Future expects to burn through $293 million in cash from operations from September 1 to December 31, 2022, and about $708 million for all of 2022.

Faraday Future also said that as part of an ongoing effort to conserve cash and reduce expenses, the company recently implemented a series of cost-cutting measures, including layoffs and delayed payments. Depending on the company’s financial and market conditions, Faraday Future may take further cost-cutting measures, including layoffs. Given these efforts, Faraday Future no longer expects to start deliveries of the FF 91 in the third or fourth quarter of 2022.

Faraday Future is currently reaching out to potential investors to secure additional capital to keep the company operating until the end of 2022 and beyond. Following the successful completion of these efforts, Faraday Future is expected to announce a new timeline for the production and delivery of the FF 91. Faraday Future also noted that there is no guarantee that these efforts will be successful.

Last month, when Faraday Future released its second-quarter 2022 earnings report, it said that as of June 30, 2022, Faraday Future had announced 399 pre-orders. Faraday Future expected at the time to deliver the FF 91 to customers by the end of the third or fourth quarter of this year.

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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.

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