Faraday Future, FF, is one of the most troubled businesses. However, the Chinese-origin company insists it will start producing and delivering its FF91 EV before 2022 ends, according to reporting by InsideEVs.
FF is running low on cash, is yet to complete its production plant, and its board members are at loggerheads. Despite all these, the EV startup is reassuring its preorder holders that they will get their cars starting in the fourth quarter of 2022. This was revealed in a press release by the global CEO, Carsten Breitfeld.
The company reported a loss of $142 million in the second quarter of 2022. Cash at hand stood at $47.2 million, significantly lower than the $276 million it ended the first quarter with. Its shares dropped sharply in response.
FF still has to finish its factory in Hanford, California. But Breitfeld writes it is approaching completion. He admitted the delays with the FF91 have been partly due to supply chain challenges. However, FF noted in July that it needed more cash to start production, pushing it to the 3rd or 4th quarter. It also mentioned it would try to raise funds through the rest of the year. Breitfeld now writes it has succeeded in raising $52 million and is still in talks for more.
The FF91 is a cross between a hatchback and a crossover. It offers 378 miles on a 130 kWh battery pack. The EV outputs 1,050 hp from its two electric motors, powerful enough for a 60 mph time of less than 2.4 seconds, bringing it into the territory of the Tesla Model S.