Faraday Future postpones FF-91 production due to lack of funds

Faraday Future postpones FF-91 production due to lack of funds

US company Faraday Future has once again postponed the start of production of its FF 91 luxury electric car. The startup is now hoping to raise $325 million in funding by the end of the year so it can start production in 2022 after all. The situation is apparently very serious.

The most recently communicated schedule was for the first FF 91s to be delivered to customers before the end of July, but due to the money problems, the company now says it wants to start deliveries "in the third or fourth quarter of 2022" - but it still needs additional capital to do so.

Earlier statements that the company did not need any additional funds for the production start-up were therefore not correct, or the development of prices for many components in recent months may also have invalidated the calculations.

According to a filing with the U.S. Securities and Exchange Commission (Faraday has been publicly traded since July 2021 per the SPAC merger), the financial situation is very serious. "The company requires 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 document states. In other words, it's also a matter of being able to continue operations at all. In an investor presentation, the company put its capital needs at $325 million through the end of the year, according to Bloomberg.