Electric vehicle (EV) maker Faraday Future is preparing to deliver its first mass-production model, the long-awaited FF91, next September, its new CEO told members of the media at an event in Los Angeles on Thursday.
What to expect: Faraday Future has struggled to stay afloat over the past two years, surviving a cash crunch and mismanagement. Now, with a new, experienced CEO taking over from disgraced founder Jia Yueting, the troubled EV startup is rallying for a comeback.
- During the media event, Breitfeld said he is now fully responsible for corporate financing, an area where Jia is no longer involved. Jia will focus on product development and user experience, he said, in line with his new role as the chief product and user officer (CPUO).
Detail: Breitfeld said the company is planning to deliver its first batch of “several hundreds” of the FF91 SUV next September.
- Priced at $200,000 or above, the luxury electric sport-utility vehicle will be all handmade with the aim to compete with Bentley Bentayga, a critically acclaimed premium SUV with hybrid option.
- The estimated capital requirement has been lowered substantially from $2 billion to $850 million for the FF91 delivery. The company expects a next round of funding will probably be secured by early next year, a company spokesman told TechNode on Friday.
- An IPO is possible in 12 to 15 months once the funding is secured, the company said.
Context: At the debut of its first consumer model at the 2017 Consumer Electronics Show in Las Vegas, Faraday Future said the FF91 was able to accelerate from zero to 60 miles per hour in 2.39 seconds, faster than Tesla’s Model S or any other existing EV in the world.
- Later that year it was targeting end-2018 to kick off production, backed with a $2 billion commitment from Chinese real estate developer Evergrande.
- The two companies ended a months-long battle over finances at the beginning of the year, and the EV startup has been desperate for cash since then.