Faraday Future Announces Its Latest Financing and Delivery Plans

(Source: Faraday Future)

On September 19, 2019, in Los Angeles, Faraday Future (FF) officially announced the latest equity financing, IPO, and FF 91 delivery strategy at the 2019 “919 Futurist Day” event. After this round of successful financing, it is expected to achieve the mass production delivery of the FF 91 within 9 months. The company will also complete the FF 81 public release as soon as possible, and prepare for the development of future models and next-generation core technologies. The funding required at this stage will also be significantly reduced to $850 million from the original estimate of $2 billion.

The company’s Futurist Testing Lab (FTL) was also introduced to the media and public for the first time. The facility, located in southern Los Angeles near the company’s headquarters, will be a key part of the company’s effort to advance the goal of high quality, high efficiency and cost-effective production of the ultra-luxury “new species” FF 91. The company will be able to conduct various vehicle testing and verifications at this facility and produce small batches of pre-production vehicles. The scalable production of the FF 91 is still being planned at the company’s manufacturing facility located in Hanford, California.

FF’s new Global CEO, Dr. Carsten Breitfeld fostered a series of key adjustments in product delivery planning, R&D and operational cost reduction and most importantly, financing strategy. Previously, FF announced the recent appointment of Dr. Breitfeld as Global CEO, an auto industry veteran.

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“FF has made amazing innovations in the fields of traditional electric vehicles, IOV, AI, mobility ecosystem, business models and user ecosystem innovations. The FF 91 is very close to final production and delivery. 92% of the parts have been sourced. Moreover, we still have nearly 600 employees globally from various industries working together for the goal of delivering the FF 91. I am very confident that under this new plan, we will deliver the FF 91 in a shorter time at a lower cost and higher quality,” said Dr. Breitfeld. “Our Futurist Testing Lab will continue to help push forward the goal of FF 91 delivery.”

Jia Yueting, FF Founder and CPUO (Chief Product and User Officer) said the FF 91 is still leading in many core performance categories and functions. He will continue to lead the team to upgrade the IOV, Infotainment, UI/UX, AI, and autonomous driving to ensure that the FF 91 is in leading position at delivery.

FTL will be used to support the delivery of the FF 91 within 9 months after the financing. At FTL, the engineering team will continue to conduct testing and validations projects, and manufacture of some core components, including small batches of pre-production vehicles.