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Faraday Future Announces Plans to Start Production of FF 91 Futurist in March 2023, Outlines Financing Progress and Completion of Product Upgrades
Start of FF 91 Futurist Production Targeted in March 2023 Anticipated start of production of FF 91 Futurist at FF’s manufacturing facility “FF ieFactory
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\nStart of FF 91 Futurist Production Targeted in March 2023\n\n\nAnticipated start of production of FF 91 Futurist at FF’s manufacturing facility “FF ieFactory California” at the end of March 2023, coming off the assembly line in early April, deliveries to users anticipated to begin April 2023, subject to timely receipt of additional financing and stockholder approval\n\n\nFinancing Update\n\n\nEngaged in discussions with both potential new investors and existing FF investors to provide the estimated $150-170M of additional capital needed to produce the FF 91 Futurist\n\n\nThe Company has received a draft $30 million binding letter of intent from a current FF investor, which remains subject to Board approval and certain conditions including the negotiation and execution of definitive documentation\n\n\nExisting FF Investors expected to provide capital to support production of FF 91 Futurist\n\n\nNumerous cash conservation measures implemented to help ensure delivery of the FF 91 Futurist\n\n\n FF 91 Futurist Product Power Upgrades\n\n\n“Product and Technology Generation 2.0 program” product power upgrades announced for FF 91 Futurist\n\n\n26 major new system and component upgrades made to FF 91 Futurist since 2021\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future (\"FF\" or “the Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced a series of strategic actions designed to support completion and launch of its Ultimate Intelligent TechLuxury FF 91 Futurist EV.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221215006087/en/Faraday Future Leadership (L-R): Matthias Aydt, Global Senior Vice President, Product Execution; Xuefeng (“XF”) Chen, Faraday Future Global CEO; Yun Han, Chief Accounting Officer and Interim Chief Financial Officer (Photo: Business Wire)\nThe Company expects to start production of a saleable FF 91 Futurist at the end of March 2023, coming off the assembly line in early April with deliveries before the end of April, subject to the timely availability of $150 to $170 million of additional funding and timely stockholder approval of an authorized share increase. During the Global Investor Business Update meeting today, management referenced the non-binding letter of intent. Subsequent to the recor...