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It’s been six years since Faraday Future first showed a prototype of its debut vehicle, the FF91 electric crossover.
Since then the EV startup has changed plans a number of times, and its management team has been reshuffled more and more frequently. One of the company’s original backers also has assets seized in China for outstanding debts.
However, Faraday Future has a habit of raising funds at the 11th hour. After warning last summer it would need to raise funds just to keep the lights on until the end of 2022, and reporting last November that its coffers had fallen to $22.5 million, Faraday Future announced on Sunday it had raised $135 million through convertible notes. . and will be able to start production of the FF91 in March and move to delivery as soon as April.
Faraday Future originally promised to start production of the FF91 in 2018, and the number of times the company has delayed the deadline makes Tesla’s adherence to production schedules look diligent by comparison.
Faraday Future FF91 prototype
Faraday Future’s next step is to vote on February 28 on a proposal to increase its outstanding stock to raise additional funds to support deliveries.
The latest announcement comes just weeks after Faraday Future signed a deal with the government of the Chinese city of Huanggang. As part of the deal, Faraday Future will establish a new headquarters for its China operations in the city, and possibly add production facilities there. Faraday Future’s global headquarters will remain in Los Angeles.
Production of the FF91 is planned to take place at Faraday Future’s own factory in Hanford, California. The vehicle’s targeted starting price is $120,000, though only the special Futurist model will be available at launch. It has a targeted starting price of $180,000. Last September the EPA rated the FF91’s range at 381 miles.
The smaller FF81 and FF71 crossovers are planned and targeted to start at $74,000 and $45,000 respectively. Faraday Future is also planning delivery of the vehicle.
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