It’s been six years since Faraday Future first showed a prototype for its debut vehicle, the FF91 electric crossover.
Since then the EV startup has changed plans on multiple occasions, and its management team has been reshuffled even more frequently. One of the company’s original backers also had assets seized in China over unpaid debts.
Nevertheless, Faraday Future has a habit of raising funds at the 11th hour. After warning last summer it would need to raise funds just to keep the lights on through the end of 2022, and reporting last November that its coffers were down to $22.5 million, Faraday Future announced on Sunday that it managed to raise $135 million via convertible notes and will be able to start production of the FF91 in March and move to deliveries as soon as April.
Faraday Future originally promised to start production of the FF91 in 2018, and the number of times the company has pushed back the deadline makes Tesla’s adherence to production schedules look diligent in comparison.
Faraday Future’s next move will be to vote on Feb. 28 on a proposal to increase outstanding stock to raise additional funding to support deliveries.
The latest announcement comes just weeks after Faraday Future inked a deal with the government of Chinese city Huanggang. As part of the deal, Faraday Future will establish a new headquarters for its Chinese operations in the city, and possibly add a production facility there. Faraday Future’s global headquarters will remain in Los Angeles.
Production of the FF91 is planned to take place at Faraday Future’s own plant in Hanford, California. The vehicle’s targeted starting price is $120,000, though only a special Futurist model will be available at launch. It has a targeted starting price of $180,000. Last September the EPA rated the FF91’s range at 381 miles.
Smaller FF81 and FF71 crossovers are planned and are targeted to start at $74,000 and $45,000, respectively. Faraday Future is also planning a delivery vehicle.
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