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Faraday Future Puts Off the Production of FF91 to Third Quarter

Faraday Future said on Monday in a document that the company needs extra cash for rolling out FF91, according to Bloomberg.The company is hoping to raise around US$325 million this time.

Image Source: Visual China

Image Source: Visual China

BEIJING, July 26 (TMTPOST) – Electric vehicle (EV) maker Faraday Future once again failed to deliver its first EV model FF91 on time, saying that it needs more funds for delivery.

Faraday Future said Monday in a document that the company needs extra cash for rolling out FF91, according to Bloomberg. Faraday Future also said in the document that the company currently aims to raise US$325 million for its operations and the delivery of the FF91.

“Due to recent supply chain issues, the start of production and first deliveries of the Company’s FF 91 flagship electric vehicle in the United States are now expected to commence in the third or fourth quarter of 2022. The Company needs additional cash to commercially launch the FF 91 and is currently seeking to raise additional capital to fund its operations through December 31, 2022,” the company said.

The electric vehicle said that the production and delivery of FF91 in the United States will happen in third or fourth quarter this year. In the filing, the company also mentioned that any challenge in supplier engagements, delays in ramping up capacity or labor at the company’s Hanford manufacturing facility or for sales and service engagements, rising prices of raw materials, or ongoing global supply chain disruptions may further increase the need for additional capital to launch the FF 91 series.

Apart from the FF 91 series, substantial additional capital will be required to fund operations, research, development, and design efforts for future vehicles, the company said.

Faraday Future had promised to manufacture and sell its FF91 as early as in 2018 but the company has put off the debut repeatedly. Faraday Future had said that it did not need extra fund before rolling out FF91, according to Bloomberg. 

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