Business · Hanford

Faraday Future is now publicly-traded. Will its IPO deliver a boom to Hanford?

Faraday Future completed its long-announced IPO on Friday.

The electric car start-up now announced the listing of its shares on Nasdaq. The IPO was carried out via a merger with SPAC Property Solutions Acquisition.

The proceeds of around $1 billion are to be used primarily to begin deliveries of the first FF 91 model within twelve months. Faraday Future had already set this as a goal in January.

For the electric car itself, Faraday has now also announced a “Futurist Alliance Edition” limited to 300 units as well as a “Futurist Edition”, which can be reserved for 5,000 and 1,500 dollars respectively. More on that in a moment.

Faraday calls the stock market debut a prelude to the “final sprint towards production”. As part of the Nasdaq listing, the company has renamed itself “Faraday Future Intelligent Electric Inc.” and its ticker symbol is ‘FFIE’.

This is intended to reflect that FF is not only an EV company, but also an internet and technology company, an AI product company, a software company and a user ecosystem company.

In January, the company had announced plans to complement the FF 91 with the FF 81 and FF 71 models, scheduled to launch in 2023 and 2024 respectively.

Furthermore, the introduction of a delivery vehicle for the “last mile” is planned for 2023.

Production is to take place both at the factory in Hanford, California, and in cooperation with a “leading contract manufacturing partner in South Korea”. Faraday Future is also rumored to be exploring the possibility of additional production capacity in China through a joint venture.

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Staff reports from The San Joaquin Valley Sun staff.