Shulou(Shulou.com)11/24 Report--

CTOnews.com8, March 30 (Xinhua)-- Electric carmaker Faraday Future released a business progress update today, announcing that all the equipment it needs to mass-produce FF 91 electric vehicles is in place.

Faraday said in the future that it had made good progress at its FF ieFactory California plant in Hanford, California, and that all the equipment needed to mass-produce ("SOP") FF 91 electric vehicles was ready. Later this year, the relevant equipment needed to further increase production capacity will also be delivered to the plant, and the company does not expect these equipment to have a material impact on the timing or speed of capacity increase.

Dr. Bifukang (Carsten Breitfeld), future global CEO of Faraday, said: "the FF ieFactory California plant team is producing quasi-production cars for final testing. I am very grateful to the Hanford plant team and engineering contractor, we are building a world-class luxury car factory."

At present, Faraday plans to complete the testing, verification and certification of FF 91 electric vehicles in the fourth quarter of this year, and begin mass production. As for Faraday's future financing, Dr. Bifukang said that previously, a number of supply chain problems affected the delivery time of FF 91 electric vehicles. At present, we have successfully raised US $52 million in secured bill financing and are continuing to discuss further financing with various parties.

Dr Bifukang added: "the company has taken measures to protect cash flow, including reducing expenses, extending the payment cycle and other similar measures. as of August 26 this year, the company's cash balance in the United States was $47.2 million and restricted cash was $1.5 million. The timing and amount of additional funds raised may affect the timing and speed of factory production increases, as well as expected production."

For FF 91 electric vehicles, Dr. Bi Fukang said: "FF 91 will be the first high-end, high-performance luxury smart electric vehicle on the market, and will redefine users' driving experience. When we launch FF 91 in the fourth quarter, we will show consumers the future of Smart + connected Travel."

CTOnews.com learned that Faraday will release its second-quarter 2022 results on August 16. According to the financial report, Faraday posted a net loss of $142 million (about 963 million yuan) in the next second quarter, an increase of 168 per cent year-on-year.

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