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Faraday Future has announced it is pushing back the start of production and deliveries of its FF 91 debut vehicle to the third or fourth quarter of 2022.
In a July 25 SEC filing, the California-based EV startup said it needs additional capital to pull off the launch of its flagship electric vehicle.
“Due to recent supply chain issues, start of production and first deliveries of the Company’s FF 91 flagship electric vehicle in the United States are now expected to commence in the third or fourth quarter of 2022.”
SEC 8-K form filed by Faraday Future
The company had previously said it planned to launch the FF 91 electric crossover as soon as July 2022. Founded in 2014, Faraday Future once promised to start production and sales of the FF 91 as early as 2018, but it has been forced to postpone delivery of its first mass-market vehicle several times.
“The company needs additional cash to commercially launch the FF 91 and is currently seeking to raise additional capital to fund its operations through December 31, 2022.”
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Faraday Future said in an investor slide deck that it was looking to raise about $325 million after previously stating it would not need additional funds until after the launch of the EV.
Bloomberg notes that the delay of the FF 91 comes amid a standoff between the EV startup and its founder, Jia Yueting. In late June, a shareholder group affiliated with him demanded the removal of a director from the company board.
In reply, Faraday accused the group of offering the director a contract worth up to $700,000 in order for him to resign. On July 15, the group of shareholders said in a filing that they had offered Faraday Future a lifeline of “at least $100 million” on the condition that the director resign.
Faraday Future apparently ignored the offer, with the group accusing the startup several days later of not treating the offer “with the gravity, urgency and fairness it deserves in light of” its financial condition.
In related news, sources told Bloomberg that Faraday will also push ahead with plans to build EVs in China by opening a plant in the country, with Geely said to provide contract manufacturing services.
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