Faraday Future is floundering to the finish line as they’re claiming to have secured enough funding to start production of the long overdue FF 91.
According to the would-be automaker, they’ve secured definitive agreements for $135 (£112 / €125) million in funding. This means they have “received sufficient financing commitments for the funds required for SOP of the FF 91 Futurist.”
This being Faraday Future, there’s caveats galore as production depends on the “timely receipt of funds.” In order to get those funds, Faraday is subject to the “satisfaction or waiver of certain conditions,” but it looks like the money will arrive within a matter of days – assuming everything goes smoothly.
Also: Faraday Future Says FF 91 Production Will Begin In March, Maybe
If the funding does come through, the company could begin production as early as late March. The first models would then roll off the assembly line in April, before being delivered later in the month.
Besides announcing new funding, Faraday Future wants to release additional stock in order to “clear the path for additional future financing to best support FF 91 Futurist deliveries and the company’s other strategic goals.” They also announced changes to their warrant terms, which the company says will help shareholders avoid dilution.
In a statement, Faraday Future CEO Xuefeng Chen, said “Securing $135 (£112 / €125) million in funding commitments is critical and imperative for Faraday Future’s sprint to FF 91 Futurist’s SOP. The availability of these additional funding commitments provides confidence that FF can reach the SOP milestone in March 2023.” He went on to say, “We will deliver the FF 91 Futurist with high quality and high product power as soon as possible after receipt of the funds contemplated by these financings.”
While the news is good for a change, Faraday’s future is anything but certain as they had a mere 369 preorders last November. Of course, if the FF 91 finally goes into production, interest could be revived.
