Back in February, Faraday Future present production version of the FF91 electric SUV at the plant in California and said it will begin production of its long-delayed vehicle in the third quarter of 2022. Now, according to BloombergThe embroiled company revealed in a filing to investors that it must roll back electric vehicle production again and that it needs more cash to launch commercially.
Apparently, the company said it had to delay the delivery of the FF91 to “Q3 or Q4 2022.” Seeing as Q3 has already begun, it is now likely aiming for the end of Q3 – that said, Q4 looks more likely, and that is if Faraday Future’s plans have finally gone as planned. . Especially since they also have to find the money they need to stay afloat: The company also told investors that it needed more money to launch FF91, and that it was looking to raise around $325 million to fund it. support its operations until December 31, 2022.
Faraday Future was founded in 2014 and plans to launch its first electric vehicle in 2018. The company has had to postpone the launch of EVs several times over the years due to financial problems. The company nearly ran out of cash in 2017 until a company called Season Smart, later acquired by Chinese company Evergrande, agreed to invest $2 billion in it. Fast Faraday Future burn through Season Smart’s $800 million initial investment, however, and it spent 2018 going head-to-head with its primary investor.
Meanwhile reached a restructuring agreement with Evergrande at the end of 2018, it can’t to ensure enough money to bring back employees who have left without pay. The company also had to abandon plans to build a factory in Las Vegas and 900 acres of land for sale for $40 million. Faraday to the community in a merger with an empty testing firm in 2021, but that doesn’t appear to be enough to solve its financial problems.
Like Bloomberg note, the delay comes amid issues between the company and its founder, Jia Yueting, who stepped down as CEO in 2019 as part of the company’s restructuring agreement. Apparently, a group of shareholders affiliated with Yueting offered Faraday Future “at least $100 million” to remove an unnamed director from the startup’s board. The company allegedly declined, and the team alleges that it did not treat the offer “with the seriousness, urgency and fairness it deserves” given Faraday’s financial condition. .
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