Faraday Future to Land on NASDAQ as Pre-orders of its Mass-produced Cars Are Live

Source: Faraday Future

According to Faraday Future’s official website, pre-orders of its first mass-production model FF91 are live, and prospective buyers can reserve the upcoming vehicle for 50,000 Yuan (around USD $7,700). This deposit supports a full refund before signing the contract.

According to Businesswire, Faraday Future will hold Investor Day in Los Angeles on September 21. The company will unveil the details of its FF91 model and open the test drive on the same day.

On April 13, Faraday Future announced on Weibo that the FF 91 will be equipped with NVIDIA DRIVE Orin SoC. The company plans to have a highway automatic driving function and call parking when it goes on the market.

In terms of lidar, the FF 91 is equipped with Velodyne’s first solid-state Velarray H800, a car gauge-level lidar, which can be installed behind the windshield.

Velodyne also announced that it is the exclusive lidar supplier for the Faraday Future FF 91.

At present, the FF 91 is being produced in a factory of about 1.02 million square meters in Hanford, California. According to a video released by the company, most of the production needs manual assembly.

Faraday Future also disclosed plans for new models in the future, with the FF 81 and FF 71 expected to start mass production in 2023 and 2024 respectively.

Property Solutions Acquisitions Corp (PSAC) will hold an online shareholders’ meeting on July 20, with the purpose of approving its merger with Faraday Future.

SEE ALSO: EV Maker Faraday Future Goes Public on Nasdaq via Merger with PSAC

After the merger is completed, the shares and warrants of the merged company will be traded on NASDAQ under the ticker symbol “FFIE” and “FFIEW” respectively.

It is estimated that the transaction will bring Faraday Future a total income of nearly $1 billion, including about $230 million in cash held by PSAC in trust – should they be unredeemed – and $775 million in common stock PIPE. The merged company will have a traded equity value of about $3.4 billion.