California-based EV startup Faraday Future has announced a series of additional financing commitments of $135 million that secures sufficient funding to begin production of the long-delayed FF 91 Futurist luxury SUV this March. This latest news is good news for the embattled EV start-up that has seemingly struggled since day one. The troubled carmaker received a cash infusion last November, but it was already too late to begin deliveries at the end of 2022, which was its goal.
Instead, Faraday Future has confirmed deliveries will begin in late April. The company did not state how many vehicles will initially be produced and which customers will be the first to receive them.
An investor meeting will be held on February 28 to vote on a proposal to increase common stock shares. Doing so will pave the way forward with enough financing to meet the latest production start date. Things will hopefully work out this time, unlike in the past.
There were many problems last year alone, among them the departures of its board chairpersons and two high-level executives following the discovery of an incorrect number of FF 91 preorders. There was also an SEC subpoena due to potentially false investments and a number of firings and salary cuts. Carsten Breitfeld ultimately resigned as CEO, and Xuefeng (XF) Chen has since assumed the position.
"Securing $135 million in funding commitments is critical and imperative for Faraday Future's sprint to FF 91 Futurist's SOP," Chen said. "The availability of these additional funding commitments provides confidence that FF can reach the SOP milestone in March 2023. We will deliver the FF 91 Futurist with high quality and high product power as soon as possible after receipt of the funds contemplated by these financings."
Since the latest announcement, the company's shares have increased by nearly 30%.
The FF 91 is a $180,000 all-electric luxury SUV Faraday Future hopes will completely redefine the segment, which includes the likes of the Tesla Model X Plaid and others. Faraday Future believes its next-gen product, described as an "Ultimate Intelligent TechLuxury EV product" will enable it to compete with the likes of Ferrari, Maybach, Rolls-Royce and Bentley.
The carmaker claims the FF 91 can go from 0-60 mph in 2.27 seconds, has an EPA-certified range of 381 miles (the Model X Plaid has a range of 333 miles), and an "industry-leading" 1,050 horsepower. According to the company's website, 200 miles of range is possible with only 30 minutes of charging time. Thanks to its long wheelbase, interior space is significant and comes complete with captain's chairs, lots of leather, and other high-end convenience features like a 27-inch backseat screen.
Faraday Future didn't appear to have much of a future at around this time last year, so it's remarkable how much progress has been made. We'll hopefully finally see the FF 91 on the road this spring.