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Faraday Future Completes the Sale-Leaseback of its Hanford, California Manufacturing Facility
Expected to generate up to $12 million of capital for facility improvements supporting vehicle production ramp-up. LOS ANGELES--(BUSINESS WIRE)-- Faraday
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nExpected to generate up to $12 million of capital for facility improvements supporting vehicle production ramp-up.\n\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that it has exercised its option to purchase its Hanford, California manufacturing facility and simultaneously completed a sale leaseback. This transaction is expected to generate up to $12 million of non-dilutive capital that can be used toward the completion of plant improvements and infrastructure enhancements to facilitate FF 91 2.0 Futurist Alliance production ramp-up.\n\n\nThe Hanford manufacturing plant, officially called ‘FF ieFactory California’ is a one million square foot state-of-the-art facility that uses highly skilled craftsmanship and leading-edge automated production. The facility, where the Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance is currently produced, is situated between technology-focused Silicon Valley and FF’s Global HQ in Los Angeles. It is expected that the plant, upon completion of the factory build-out, will have the capacity to produce approximately 10,000 vehicles per year. FF announced the start of production and completion of its first production build vehicle coming off its production line at FF ieFactory California earlier this year.\n\n\n“Our Hanford manufacturing facility is an integral part of our overall operations and has been manufacturing production series models of our FF 91 2.0 Futurist Alliance since earlier this year,” said Matthias Aydt, Global CEO of FF. “This agreement will help us make the necessary continued investments and improvements to the Hanford plant that will facilitate increased production and deliveries of the FF 91 2.0 Futurist Alliance.”\n\n\nThe Company recently announced the continuation of its Co-Creation program and preliminary upcoming FF 91 2.0 Futurist Alliance deliveries for October as part of its ongoing ‘Delivery Co-Creation Day’ plans. Specifically, the Company recently delivered the FF 91 2.0 Futurist Alliance to its founder YT Jia and expects to deliver to global superstar and entrepreneur Chris Brown, and world champion race car driver Justin Bell next. Large-scale deliveries remain one of the Compan...