- FF reveals its new strategy for equity funding, IPO, and delivery plans for FF 91 and FF 81
- FF unveils its Futurist Testing Lab (FTL) to further push forward the preparation for FF 91 delivery
LOS ANGELES, Sept. 23, 2019 (GLOBE NEWSWIRE) — Faraday Future (FF), a California–based global shared intelligent mobility company, announced the latest equity financing, IPO, and FF 91 delivery strategy at its annual 919 Futurist Day on Sept. 19, 2019. According to the new plan, FF 91 will kick off its delivery in approximately nine months following the closing of a successful equity funding. The newly announced FF 81 EV and development preparation for future models and next–generation core technologies will be completed as soon as possible. FF will also target an IPO within 12–15 months following the conclusion of equity financing. The projected funding needs for this stage have been significantly reduced to $850 million from the original estimate of $2 billion.
The company's Futurist Testing Lab (FTL) was also introduced to the media and public as a part of the 919 Futurist Day. The facility, located in South Los Angeles, near the company's headquarters will be a key part of the company's effort to push forward the goal of high quality, high efficiency and cost–effective production of the ultra–luxury "new species" FF 91. The company will conduct various vehicle testing and validations at this facility and produce small batches of pre–production vehicles. The scalable production of FF 91 is still being planned at the company's manufacturing facility located in Hanford, California.
Upon his recent appointment as FF's new Global CEO, Dr. Carsten Breitfeld quickly fostered a series of key adjustments in product delivery planning, R&D and operational cost reduction and most importantly, financing strategy. According to the new plan, FF will integrate all internal and external resources to facilitate its equity financing efforts.
"FF has made amazing innovations in the fields of traditional electric vehicles, IOV, AI, mobility ecosystem, business models and user ecosystem innovations. FF 91 is very close to final production and delivery. 92% of the parts have been sourced. Moreover, we still have nearly 600 employees globally from various industries working together for the goal of delivering FF 91. 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 Dr. Breitfeld. "Our Futurist Testing Lab will continue to help push forward the goal of FF 91 delivery."
FF Founder and CPUO (Chief Product and User Officer) YT Jia said FF 91 is still leading in many core performance categories and functions. He will continue to lead the team to upgrade the IOV, Infotainment, UI/UX, AI, and autonomous driving to ensure that FF 91 is in leading position at delivery.
Previously, FF announced the recent appointment of Dr. Carsten Breitfeld as Global CEO. Dr. Breitfeld is an auto industry veteran bringing a proven track record of leadership and innovation. He will lead FF to achieve strategic goals, develop industry leading technology and products, and prioritize ongoing fundraising efforts.
ABOUT FARADAY FUTURE
Faraday Future (FF) is a California–based global shared intelligent mobility ecosystem company.
Established in May 2014, FF is a global company, headquartered in Los Angeles. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe and live freely.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/167d3635–31c9–4db3–9f06–805d8f4cef22