An electric car company that has a manufacturing plant in Hanford has secured significant financing for its operations.
The company, Faraday Future, announced that it has received $130 million in convertible secured notes.
Driving the news: This latest round of financing will allow Faraday Future to begin production on its FF 91 Futurist vehicle, the company’s first production car and flagship model.
- Faraday Future expects to begin production by the end of March, with the first vehicles expected to be delivered by the end of April.
- Faraday Future signed a lease for the 1 million square foot former Pirelli tire plant in Hanford in 2017. The company has since turned the former tire plant into the manufacturing facility for its luxury electric cars.
What we’re watching: In addition to announcing the major financing, Faraday Future announced that it will hold a special stockholders meeting on Feb. 28 to consider a proposal to increase the authorized shares of Faraday Future Class A common stock.
- If stockholders approve the proposal, the company would have a clear path to secure additional financing for its FF 91 Futurist vehicle production.
What they’re saying: “Securing $130 million in funding commitments is critical and imperative for Faraday Future’s sprint to FF 91 Futurist’s SOP,” said Faraday Future CEO Xuefeng Chen in a statement. “The availability of these additional funding commitments provides confidence that FF can reach the SOP milestone in March 2023. We will deliver the FF 91 Futurist with high quality and high product power as soon as possible after receipt of the funds contemplated by these financings.”