Faraday Future has emerged from the brink of bankruptcy and officially announced the start of production of their first luxury electric vehicle (EV), the FF91. The EV is being built at their 1.1 million square foot FF ieFactory in Hanford, California.
Rewind to last year and it looked like Faraday Future wasn’t going to make it to the end of 2022. By November the company’s stock was down 94 per cent, and they only has $31.76 million left in cash, down from $121 million from the previous quarter. As a result they announced they had “substantial doubt” about their ability to continue operating, and that they would need additional funds to finance operations and begin production.
Miraculously they were able to do just that, announcing in February they had been able to obtain $135 million in new funding though a series of convertible secured notes. They said that was enough money to begin production of the FF91 in March, and with just two days left in the month they pulled through, announcing the start of production on Wednesday.
“I want to thank each and every valued stakeholder to FF, including our employees, supportive investors, suppliers and all of our partners that have traveled alongside us on this long road of perseverance, leading to where we all stand today here in Hanford. I can’t express how excited that I am to finally see the culmination of many years of hard work, all focused on our one goal, bringing the Ultimate Intelligent TechLuxury FF 91 Futurist Alliance to market,” said Xuefeng Chen, Global CEO of Faraday Future.
The FF 91 Futurist boasts a powerful 1,050 horsepower, an EPA-certified range of 381 miles (613km), and the ability to accelerate from 0-60 mph in just 2.27 seconds. In addition, owners can enjoy an exceptional rear cabin intelligent Internet system and a revolutionary user experience that aims to provide a mobile, connected, intelligent, and luxurious third Internet living space, creating a unique user mobility ecosystem, the company explained in a press release.
If you were hoping to see a FF91 in Canada it sounds like you are out of luck. The company said it plans to offer the luxury EV in the US and China. As of the most recent update they have just 401 reservations for the FF91, and the first customer is expected to receive theirs at a launch even on April 26, 2023.