Faraday Future Intelligent Electric Inc. expects to begin production this spring on its FF 91 Futurist electric vehicle.
The Gardena-based car manufacturer said that the FF 91 would begin coming off the assembly line in early April, with deliveries anticipated to begin that month as well.
The deliveries are subject to the timely availability of $150 to $170 million of additional funding and stockholder approval of an authorized share increase, according to a release from Faraday.
XF Chen, global chief executive of Faraday, said that the company’s management team is committed to executing the next manufacturing milestone.
“We will utilize our capital in a disciplined manner that is focused on bringing the best product to market,” Chen said in a statement.
The company announced it had completed manufacturing milestone number six, the construction and equipment installation in vehicle assembly areas. Faraday laid out seven milestones in late 2021 to mark its manufacturing achievements towards the start of production of the FF 91 Futurist, which is the final milestone, according to the Faraday release.
Faraday Future continues to make progress with testing and validation of the FF 91 Futurist through the Product and Technology Generation 2.0 program (PT Gen 2.0), the company release said. The generational upgrade from PT Gen 1.0 to PT Gen 2.0 consists of upgrades of systems and core components.
Faraday also announced two additions to the company’s board of directors effective Dec. 27. XF Chen and Ke Sun fill the vacancies on the board following the resignations of Carsten Breitfeld and Edwin Goh, who both stepped down from the Board effective Dec. 26.
Prior to being named to the Faraday board, Sun served as the chief financial offcer of Yudo New Energy Auto Co. Ltd., an electric car manufacturer based in China’s Fujian Province.
Chen had been chief executive of Faraday Future China until his promotion in November.
Prior to joining Faraday, Chen worked for Changan Ford, Changan Mazda, Ford Asia Pacific Design Center and Chery Jaguar Land Rover. He replaced Breitfeld as chief executive of the company after the board of directors asked for Breitfeld’s resignation following a review of the company’s performance since Faraday went public in July 2021.
“Pursuant to the company’s corporate governance guidelines, management directors are required to tender their resignation from the board upon their removal as an officer of the company,” Faraday said in a release. “The board has requested that Mr. Breitfeld tender his resignation from the board in accordance with such corporate governance guidelines.”
