Faraday Future's Tesla-Rivaling Electric Car Is Delayed Again
Faraday Future, despite all of the futuristic promises and a stunningly good name for a carmaker, continues to struggle at rolling its Tesla-killer EV off the production lines. Starting off in 2014, the company ambitiously announced plans for a billion-dollar production unit a year later, but quickly saw its finances go on a downward spiral with a healthy few bankruptcy rounds and multiple C-suite execs calling it quits. Amid all of the turmoil that continues to this day, Faraday Future announced the FF 91, its first electric car, in 2017 and aimed to launch it by July 2022.
That didn't happen, of course. If you've been waiting patiently with wads of cash to splurge on a car rocking a backseat video conferencing screen, have another sip of the patience juice. In its 8-K filing before the U.S. SEC, the company makes it abundantly clear that it no longer aims to begin shipping the FF 91 in the third or fourth quarter of 2022.
But that's not where the bad news end. Instead, the company is actively seeking capital to last a couple more quarters, and only then a future roadmap for the FF 91 will be revealed. Faraday Future says it is on the lookout for "additional capital required to fund operations through the end of 2022" before it decides when to schedule the production and delivery of its maiden car. The prospects don't sound bright for a brand without a single car on the road and shaky leadership history.
Temper your expectations
The FF91 delay revelation comes as part of a governance rejig over financing disputes. For now, Faraday Future says it has secured a financing commitment worth $100 million to stay afloat. "We can now focus our effort on building the FF 91," Faraday Future's global chief Dr. Carsten Breitfeld was quoted as saying in a press statement. The funding should provide some vigor to move ahead, especially after a disastrous Q2 2022 which saw the company post a neat operating loss of $137 million, more than quadruple the figures in Q2 2021. Of course, the writing's been on the wall, as the company repeatedly hinted in the past that its cash reserves are drying up. Despite the funding boost, the company says measures like layoffs are still very much on the table.
Prior to the 8-K declaration, Faraday Future had already pushed the production and deliveries of its debut car to the third or fourth quarter of 2022. Notably, the company received the FF 91's EPA certification barely a week ago, clocking 381 miles on a single charge. Promising a 1,050 horsepower output, Faraday Future is claiming acceleration figures of 0 to 60 miles per hour in under three seconds. Meanwhile, press experience has been mixed in its limited showcase. While the FF 91's future remains uncertain, the company has already announced plans of producing its second vehicle — the FF 71 sedan — in China. What happens to the drool-worthy FFZERO1 concept that the company showcased in 2016 remains a mystery.