In February, Faraday Future presented the production version of its electric SUV at its California plant and said it would start making it in the third quarter of 2022. The company has disclosed in a filing for investors that it needs more cash for its commercial launch and that it has to push back the EV's production yet again.
According to the company, it has to delay FF91's deliveries to the third or fourth quarter of 2020. Seeing as the third quarter has already begun, it's now likely aiming for late Q3 and that's if the plans for the project come to fruition. Since it also has to find the money needed to keep running, the company told investors that it needs to raise around $325 million to fund its operations until December 31st, 2022.
The first electric vehicle from the company was supposed to be launched in the year 2019. Over the course of the past few years, it has had to delay the launch of its EV several times. Season Smart, which was acquired by Chinese company Evergrande, invested $2 billion in the company in order to keep it afloat. Season Smart's $800 million initial cash injection didn't last long, and the company spent the rest of the year feuding with its main investor.
It wasn't possible to bring back the employees it put on leave because it wasn't able to get enough money. The company had to abandon its plans to build a factory in Las Vegas and put up a 900-acre plot for sale. After going public in a merger with a blank check company, it looks like that wasn't enough to fix its financial problems.
The company and its founder, who stepped down as CEO in the middle of a restructuring deal, are at odds. An unnamed director from the startup's board was to be removed by a shareholder group associated with Yueting. The group accused the company of not treating the offer with the seriousness and fairness it deserved.
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