The Gardena-based company went public in a deal with New York-based blank check company Property Solutions Acquisitions Corp. that gives the beleaguered auto maker $1 billion toward the production of its flagship FF 91 crossover vehicle, which it plans to release within the next 12 months.
Under the deal, the newly combined company will be renamed Faraday Future Intelligent Electric Inc. It's trading under the ticker symbol FFIE.
Its founder and first chief executive, Yueting Jia, finalized a Chapter 11 bankruptcy filing last year.
Breitfeld, who served in management roles at BMW, took over as Faraday’s chief executive in 2019 and is guiding the company through its next act.
Property Solutions is expected to provide up to about $230 million in the merger. The remaining $775 million will come from a private placement in public equity, or PIPE.
“We want to thank the stockholders of PSAC and PIPE inves
The FF 91 has a 2022 launch date and 14,000 reservations. It will retail from $180,000.
The vehicles will be manufactured at a factory in Hanford, Calif., where Faraday Future is investing $90 million in a remodel. The company claims it will be able to produce 10,000 cars daily.
Faraday Future also has its an eye on the Chinese market and recently hired Xuefeng Chen as the chief executive of its China division. Chen has more than 20 years of experience in the automotive industry.
For reprint and licensing requests for this article, CLICK HERE.