Electric vehicle (EV) startup Faraday Future has done what many thought was impossible and secured enough funding to begin production of their first luxury EV, the FF91. As recently as November 2022 the company was saying it had an uncertain future, but it has been able to turn things around and production will begin next month.
According to a press release the company has been able to obtain $135 million in new funding though a series of convertible secured notes, all of which should be in their bank accounts by February 20, 2023. This funding adds to the $33.4 million it received since the FF Global Investor Update late last year.
With the swelling bank account Faraday Future said late on Sunday night they now have enough money to begin production of the FF91 in March, with the first deliveries expected as soon as April. As of the most recent update from the company they had 369 pre-order for the FF91.
“..the Company has received sufficient financing commitments for the funds required for [the start of production] of the FF 91 Futurist assuming timely receipt of funds. As previously stated, the Company expects to start production of a saleable FF 91 Futurist at the end of March 2023, coming off the assembly line in early April, with deliveries before the end of April assuming receipt of investor funds on the Company’s expected timeline,” the company explained.
The company also announced plans to hold an investor meeting later this month on February 28 to vote on a proposal for increasing its outstanding stock, which it explained will allow for future financing to support deliveries.
Faraday has attempted to save cash in recent months by slowing development of its cars that will come after the FF91. At the end of November the company had $22.5 million in cash holdings, down from $31.76 million at the end of the third quarter, and down from the $121 million it had after Q2.
The FF91 is a cross between a hatchback and a crossover. It offers 381 miles (613km) from its 130kWh battery pack. The luxury EV outputs 1,050hp from its two electric motors, powerful enough for a 60 mph time of 2.27 seconds.