Beleaguered American electric vehicle start-up Faraday Future has delivered some welcome news this week, lining up new funding which the company believes will allow it to finally begin deliveries of its flagship FF 91 electric sedan.
Beset by years of financial turmoil since it was founded in 2014 and only listed on the Nasdaq Stock Exchange in the middle of 2021, Faraday Future has nevertheless remained in financial dire straits.
Just last month it was reported that Faraday Future would be delaying the launch of its FF 91 EV as the company sought additional capital to begin production.
Fast forward a month and the news is looking a little better for the company after it announced on Monday that it had secured additional funding including $US52 million in near term committed funding and a potential $US600 million.
Specifically, the new financing facility announced on Monday was led by funds manager ATW Partners and will see Faraday receive an initial $US52 million of committed funds with potential funding of as much as $US600 million in convertible secured notes.
“I am very pleased to have this important new committed capital and framework in place for substantial additional funding,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future.
“We are working diligently to complete this capital raise process in order to raise sufficient new funds to launch the FF 91.”
Importantly, Breitfeld also explained that, “Subject to successful completion of this fundraising process, I am confident that we can deliver cars to our customers in late Q3 or Q4.”
Back in July of 2021, Faraday announced that all pre-orders and deposits had been secured for the 300 limited-edition, invite-only run of its FF 91 Futurist Alliance Edition models.
Expected to offer an industry-leading 1050-horsepower, 130kWh battery pack with immersive liquid cooling technology, the FF91 Futurist Alliance Edition models will supposedly boast acceleration of 0-100km/h in around 2.4 seconds as well as rear wheels independently driven and controlled by dual rear motors.
It is unclear whether it is these 300 Future Alliance Edition models that Breitfeld is referring to as the cars to begin production and delivery in the second half of the year, but the fact that Faraday Future is finally moving towards something looking like production can only bode well for the company’s future.
Much, however, relies on the capacity of its factory operations in California, which Breitfeld claims are nearly ready to begin.
“Our Hanford manufacturing facility, recently renamed the “FF ieFactory California” is nearing completion,” said Breitfeld.
“We have all the equipment on site needed to begin production and are in the final stages of installation. The FF ieFactory California has already produced over a dozen production-intent vehicles.
“Testing and validation of the FF 91 is well underway, and I am very pleased with the results we are seeing. The FF 91 will be the world’s first ultra-luxury EV and will reset customer expectations for what the future of intelligent mobility can be.”