Faraday Future insists on the continuity of FF 91 production and deliveries in quarter four despite the firm’s issues with funds, factory, and board members. In retrospect, Faraday Future reported a net loss of $142 million for the second quarter of 2022. Even so, the firm has seen a dramatic decline in its stock market this month, according to InsideEVs.
Aside from the reported decline last August 26 in the firm’s cash balance from $276 million it had disclosed at the end of the first quarter to just $47.2 million, there also seems to be a stability problem with its board.
In spite of these issues, Faraday Future stood firmly with the production schedule of its first and flagship model, the FF 91, as stated in their press release. It is worth noting that the FF 91 is expected to be manufactured in the new ieFactory in Hanford, California, a facility that is still under construction.
Carsten Breitfeld, Global CEO of Faraday Future stated:
“The ieFactory California team is producing high-quality production-intent vehicles for testing and validation, and I am very pleased to see the progress we have made readying the production area for SOP. I want to thank our team at Hanford and our outstanding contractors. Together we are building a truly world-class, luxury automotive plant.”
Furthermore, Breitfeld explained the FF 91 in great faith:
“We noted earlier some challenges with supply chain issues which affected our FF 91 timeline. We have announced the successful raising of $52 million in convertible note commitments and continue financing discussions with multiple parties, but delays in our anticipated timing to close these potential transactions have also impacted our launch timing.”
“The FF 91 will be the first high-end, high-performance, luxury, intelligent EV and will reset customer expectations for both driver and passenger experience. When we launch in the fourth quarter, we will show consumers what the future of connected, intelligent mobility can be.”
In terms of body design, the FF 91 is distinct since it blurs the lines between hatchbacks and crossovers. However, with a length of 5.25 meters (206.7 inches), it is undoubtedly a huge car. With a massive 130 kWh battery pack and a combined output of 1,050 horsepower from its two electric motors, it should have an EPA range of 378 miles (603 kilometers).
Additionally, the FF 91 is also expected to accelerate faster than a Tesla Model X Plaid to 60 mph in under 2.4 seconds.
Nonetheless, the firm stated that it needs additional funding to begin production, including $325 million in new capital to see it through the year. However, it has not yet been able to acquire that amount, partly because it will require more funding when it tries to begin production.
As of now, it is still unclear whether the company will be able to start producing the FF 91 for customer deliveries this year, even though it is currently developing production-intent prototypes.
However, it must be noted that despite appearing to be extremely close to actually developing the FF 91, bankruptcy is still a threat for the firm, especially on its current vulnerability.