© Faraday Future Electronics Production | November 27, 2018
Faraday Future looking for last buck to launch production
Faraday Future has outlined its path forward, as it looks to secure the final round of financing that will provide the liquidity to begin production of its FF 91 vehicle and secure its medium- and long-term strategies.
The company’s executive team detailed its plan in mid November during a company-wide meeting, informing employees of changes in short-term business objectives while assuaging employees that long-term objectives remain the same and supplier relationships remain strong. Collaborating with full-service brokerage and investment banking firm Stifel, Nicolaus & Co., as well as Miller Buckfire & Co., FF is actively pursuing USD 500 million in additional financing from outside investors. The firms are working with FF to secure supplier relations, with FF now in the very last stages needed to bring the FF 91 EV to life, a press release reads. “I would like to thank the supply chain team and suppliers for their support,” said YT Jia, founder and CEO of FF. “Before successful financing, I am willing to take out my personal equity as a pledge and guarantee for all suppliers. We will not let them have any payment risks.” All of FF’s 177 suppliers representing 1,524 unique parts remain committed to delivering FF 91. In August, FF welcomed its first pre-production FF 91 from its Hanford, California, facility, validating the very last of its production parts needed. Through November and December, FF is planning to build additional pre-production units for testing and validation purposes. The first of these new testing units is scheduled to be completed during November, and additional units will have a functional FFAI telematics and infotainment system, complementing FF’s “Third Internet Living Space” interior concept. With the additional capital, FF will jumpstart production of FF 91 in Hanford, as well as help launch FF 81, the company’s second planned offering. Utilizing FF’s scalable Variable Platform Architecture will allow FF 81 to share components with FF 91 and be built in the same manufacturing facility.