The big question is whether the EV startup can still even be saved.
California EV startup Faraday Future has signed a deal to raise $350 million ahead of its planned launch of the FF 91 luxury SUV, according to Reuters.
We reported in September that a prototype had finally rolled off the assembly line, which was undoubtedly good news. However, there's a significant price difference between building just a single vehicle and mass production, hence the need for the latest round of fundraising.
The financing was supposedly secured from an affiliate of Yorkville Advisors Global, which has committed an initial investment of $200 million. When and under what terms the remaining $150 million will be deposited into the carmaker's bank account remains to be seen.
Faraday Future has had a complicated history, and it's somewhat extraordinary it's still around. In 2022 alone, there were several incidents. Among them were its board chairpersons and two top executives who were forced to step down after it was discovered the company lied about the number of FF 91 preorders, an SEC subpoena over possibly false investments, employee firings to save money, and salary cuts of 25% to save every possible penny.
Needless to say, it hasn't been easy. Even if the FF 91 does make it to mass production at some level, it will face stiff competition from far more established brands, like Tesla.
The EPA also recently gave it an official range rating of 381 miles on a single charge. The Tesla Model X, for the sake of comparison, comes in at 351 miles in a five-seat configuration on 20-inch wheels. The Model X Plaid has a 333-mile range. However, the FF 91 utilizes a 130-kWh battery pack that's some 30% larger than the one in the Model X.
Thanks to its three electric motors, the FF 91 has a total of 1,050 horsepower and 1,328 lb-ft of torque, and a 0-60 mph time of 2.39 seconds. The Model X Plaid makes the sprint to 60 mph in 2.5 seconds. What remains unknown is pricing, though previous estimates have pegged it around $120,000 for the base model and upwards of $200k for the top variant.
With 2022 nearly over, 2023 will have to be the big year for Faraday Future.