▲ Picture source Faraday Future’s official website

It is reported that Faraday Future said that the final delivery time of its first model FF91 was delayed due to “time constraints of a supplier” and the completion time of the “extra system test” link in the vehicle’s “enhanced safety test”.

According to previous official information, in terms of delivery, FF91 is more “unique” than traditional car companies. Only by receiving vehicle use training can you “enjoy the qualification to drive this vehicle as a futuristic product hall” in the future. At this stage, in fact, users still cannot get their own real vehicles and need to wait for the “second stage FPO co-creation”. Delivery period”, which is August 2023.

▲ Picture source Faraday Future’s official website

Faraday Future emphasized that the company’s enhanced safety testing has nothing to do with what the U.S. Federal Motor Vehicle Safety Standards (FMVSS) require. Although the current official statement will be delivered in August, due to the precedent of Faraday Future FF91 skipping tickets several times, this delay may lead to short-term instability in the financing, so the specific delivery date remains to be judged.

The post Faraday Future’s second phase of delivery of the FF91 will be postponed until August 2023 appeared first on TechGoing.

“Completing official EPA certification from the U.S. Environmental Protection Agency is a huge step toward production delivery of the FF 91 Futurist, and I’m very, very proud of our team. We are thrilled with the results of this outstanding test, which confirms the superior quality of our design and product.” Dr. Bifflecom emphasized.

According to previous official statements, the FF 91 Futurist will be delivered in the fourth quarter of this year and will be priced at RMB 2 million in China and USD 200,000 in the United States.

According to Faraday Future’s official news, its first production model FF 91 Futurist has been officially certified by the U.S. Environmental Protection Agency (EPA), its FF 91 Futurist electric car range of 381 miles (about 613 km). (613 km).

For comparison, the new Tesla Model Y has an EPA range of 244 miles (393 km) for the rear-wheel drive version, 330 miles (531 km) for the long-range version, and 303 miles (488 km) for the high-performance version.

Faraday Future officials say the FF 91 Futurist’s powertrain has up to 1,050 horsepower and accelerates to 100 kilometers in less than 3 seconds, and the range of the FF 91 Futurist is based on a fully loaded vehicle with incredible power, 22-inch wheels, a full complement of high technology, and luxurious interior space and features. Through testing and development, FF will provide users with a zero-emissions, ultra-intelligent electric vehicle range experience that combines luxury, high technology and performance.

The FF 91 Futurist was designed at FF’s Los Angeles headquarters, engineered and developed by engineering teams in Los Angeles, Silicon Valley and China, and is currently being built in production at FF factory California in Hanford, California.

“Completing official EPA certification from the U.S. Environmental Protection Agency is a huge step toward production delivery of the FF 91 Futurist, and I’m very, very proud of our team. We are thrilled with the results of this outstanding test, which confirms the superior quality of our design and product.” Dr. Bifflecom emphasized.

According to previous official statements, the FF 91 Futurist will be delivered in the fourth quarter of this year and will be priced at RMB 2 million in China and USD 200,000 in the United States.

The post Faraday Future FF91 cruising range released: EPA standard can run 613 kilometers appeared first on TechGoing.

This round of financing includes senior secured convertible notes with a potential amount of up to $600 million (approximately RMB 4 billion).

In other words, Faraday Future can get up to 40 has RMB, which should be enough to ensure the delivery of FF91.

This morning, Faraday Future official microblogging posted and showed the Hanford, California manufacturing plant, announcing that it will be named “FF factory California” and will produce the FF 91, the ultimate smart technology luxury electric car, for the North American and Chinese markets.

Faraday Future global CEO Dr. Biff Kang said, “The factory has body lines, electrophoresis systems, painting and baking ovens and related transfer facilities in place to prepare for mass production. At the same time, we continue to produce and build quasi-production vehicles for final test validation, paving the way for subsequent mass production efforts.”

For the body shop, FF is nearing the completion of the 6th manufacturing milestone, which is the completion of all infrastructure construction and equipment installation in the main vehicle manufacturing area. The robot arm in the body shop is also in the final stages of commissioning and validation to support mass production.

Officials say FF continues to produce the quasi-production vehicles for final vehicle testing and validation work, ensuring that the FF 91 project is on track for delivery in the third or fourth quarter of 2022.

The post FF sun factory real photo: production facilities are in place to ensure delivery appeared first on TechGoing.

The “paper car” overlaid with financial deterioration

FF said in a regulatory announcement filed Monday that it will delay production of the FF 91 electric SUV in the U.S., with manufacturing scheduled to begin in the third or fourth quarter of this year, after the company had previously said it would go into production this month. for its part, FF said it needs to raise $325 million to produce the car and fund the business to sustain it through the end of this year, and that the company is in talks with potential investors.

FF sources made similar statements to Beijing Business News, saying, “Due to the previously disclosed delays caused by supply chain issues, we need additional funds to release the FF 91 and the SOP timeline has been affected. the SOP and the delivery of the first car are currently expected to be completed in the third or fourth quarter of this year, depending on funding arrangements and the resolution of supply chain issues “. The so-called SOP is a standard operating procedure, which is the mass production expected by the market.

In fact, as early as 2017, Faraday Future’s first car FF 91 has been launched, priced as high as 2 million yuan, its high-end route to earn market attention, but now nearly six years have passed FF is still stuck in the “paper car” stage.

While the mass production of cars is frequently rescheduled, Faraday Future’s financial situation has also deteriorated, with the financial report showing that FF’s net loss for 2020 will be US$147 million, and the net loss for 2021 will expand to US$517 million, with the increase in loss due to a “significant increase in operating expenses”. In the first quarter of this year, FF’s net loss reached $153 million due to increased engineering, design and testing services to advance the FF 91 project. As of March 31, 2022, the company’s accumulated losses have reached $3 billion and will continue to incur significant operating losses for the foreseeable future.

In fact, at the beginning of FF’s listing, the U.S. capital market had hopes for it, and FF was officially listed on NASDAQ in 2021 with a market value of $4.5 billion at that time.

Confidence is fading amidst questioning

Many institutions have lost confidence in FF’s behavior.

In October last year, J Capital Research, a short-selling agency in the US, released an assessment of FF. Through on-site research, analysis of the company’s financial data and technical capabilities, the agency said, “We think FF will never sell a car. So far, it is just a bucket to raise funds from US investors”. In response to this statement, Jia Yueting disliked the company in a high-profile circle of friends, saying that it was “hot and cold, nonsense” and that “July 2022, Hanford, California, the birth of a new species! See you on the day”. Now the July date has come and gone, and FF is unfortunately hit by short-selling agencies.

Shen Meng, chief strategist of Guangke Consulting, told Beijing Business News that “only a very few people still want to believe that Jia Yueting is serious about building cars, which is an important pillar for Jia to survive and keep scavenging his wealth.”

Shen Meng said that both Jia’s seven ecosystems created when he was in charge of LeTV and his personal bankruptcy in the United States are able to show the market that he is good at manipulating concepts and difficult to put into practice.

As for the FF side of the “potential investors” whether it is again a pavilion in the air? Industry experts believe that some well-known institutions did invest in FF, for example, FF had received $40 million investment from BNP Paribas Energy Transition Fund on behalf of BNP Paribas Asset Management; Palantir, an American data mining company, had invested $25 million in FF; Pioneer Pilot, a public fund, had bought 39,000 shares of FF and once became the fifth largest shareholder of FF.

However, for any large-scale investment institution, its funds will always be allocated to countless projects, including some projects that do not hold much hope, while some companies take this opportunity to “endorse” well-known institutions in order to harvest the next group of investors, but such a routine can not be repeated indefinitely after all.

Another expert analysis from the market point of view, that FF turnaround chances are slim, looking at the current new energy vehicle market, the United States has Tesla, China has “Wei Xiaoli”, and Europe has Chevrolet Voltlander, France Renault Zoe. The sales of new energy passenger cars in the narrow sense, such as plug-in, pure electric and fuel cell, amounted to 1.13 million units, up 95% year-on-year.

Liang Zhenpeng, a veteran industrial economist, said that for new energy vehicle manufacturers, regardless of domestic or foreign, brand size, as long as mass production is achieved and finished products are running on the road, there is an opportunity to achieve product iteration and upgrade. Those companies that only build cars in theory, want to grasp the ever-changing market environment is destined to be much more difficult.

The post FF production jumped again, leaving little time for Jia Yueting appeared first on TechGoing.