The embattled American EV maker just needs a tiny bit more.
Embattled EV manufacturer Faraday Future recently sent a report to the United States Securities and Exchange Commission. The report states that the company requires an additional $200 million to fund production activities through the rest of 2022 and beyond. It also needs the funds to launch the FF 91 commercially.
We're surprised to see Faraday back in action, considering all that's happened to the company. It officially unveiled the FF 91 at its California-based plant earlier this year, but before that, it went through years of trouble. In 2017, Faraday's boss was accused of skimming $75 million to fund his kids' trust fund. Following that, that same boss was ordered to come home by the Chinese Securities Regulatory Commission to pay his debts to society.
And some people think Elon Musk is terrible...
Despite all its troubles, Faraday wants to deliver the first FF 91 units in the third or fourth quarter of 2022. Faraday has 400 pre-orders for the FF 91, which will be sold in two trim levels. The top-spec Futurist retails for $180,000, while the base FF 91 costs $120,000. According to Faraday, the rivals to its car include the BMW i7, Lamborghini Urus, Lucid Air, and Ferrari's upcoming SUV, the Purosangue.
Unfortunately, the game has moved on since the first Faraday was built. The report mentions several reasons why it stands apart from the competition. It mentions a 0-60-mph time of 2.5 seconds, 1,000+ horsepower, a range of 350 miles, and a 27-inch screen for the rear passengers.
Besides the sizeable rear screen, the Lucid Air Grand Touring is better in every department. Unfortunately for Faraday, the new BMW i7 has a 31-inch 4K screen for the rear passengers.
To be fair, the report does show how much money Faraday has invested in the local economy. To date, it has spent $2.4 billion to build the infrastructure it needs to produce between 6,000 to 8,000 vehicles in 2023.
Of that $2.4 billion, 45% was spent on software and hardware, engineering costs, and innovation. A total of 21% went towards the building and equipping the Hanford facility, while 34% has been spent on personnel and marketing. It employs 790 people, 600 of which are located in the USA.
If Faraday gets $200 million, it will eventually build enough cars to start working on the FF 81, a direct rival to the Tesla Model S. It will be followed by the mass-market FF 71 and a last-mile delivery vehicle that will inevitably go up against Canoo.