Faraday Future with new business strategy
The Californian EV startup Faraday Future announced its new strategy shortly after appointing Carsten Breitfeld as new CEO. The aim is to start series production of the FF 91 in September 2020 and deliveries shortly thereafter.
This means the first electric cars would hit the market around nine months after the conclusion of a planned financing round. Faraday Future now estimates the capital requirement for this phase at $850 million compared to the two billion dollars initially announced.
Within 12-15 months of completion of the financing round, FF also aims to go public. Breitfeld expects the factory in Hanford, California, to produce 10,000 FF 91 units per year. Besides, Faraday already announced the second model with the FF 81 – but without giving any further details.
The company also presented media and the public its Futurist Testing Lab (FTL) in the south of Los Angeles, near the company headquarters for the first time. Here Faraday Future says it can conduct various vehicle testing and validations and produce small batches of pre-production vehicles. “I am very confident that under this new plan, we will deliver FF 91 in a shorter time at a lower cost and higher quality,” said Breitfeld, who trust the Futurist Testing Lab will “continue to help push forward the goal of FF 91 delivery”.
Coming from electric car startup Byton, Breitfeld recently joined Faraday Future at a time when the start-up had been in dire financial straits for months. It remains to be seen whether the tides are turning.