Faraday Future, the luxury electric vehicle company that produces its cars in Hanford, will not be able to deliver vehicles to customers as expected.
This development is the latest in a series of delays that have plagued the company since last year.
The backstory: Faraday Future revealed in February that it expected to start production on March 30 on the FF 91 Futurist vehicle.
- That timeline had the company on pace to deliver its first vehicles to customers by the end of April.
- The company had received $130 million in convertible notes in February, leading to the end of April production projection.
- Faraday Future postponed production multiple times last year because of a lack of financing.
The big picture: Now Faraday Future is targeting the end of May to deliver its first batch of vehicles.
- The delay comes as some suppliers are unable to meet the company’s timeline for production.
What we’re watching: Faraday Future was initially set to roll out deliveries in three phases.
- While the first phase is set for the end of May, the company does not expect the second phase to begin until the end of the second quarter of this year.
- And any hope of pushing through to the second and third phases hinges on the timely receipt of sufficient financing.
What they’re saying: “This three-phase delivery plan allows the most flexibility for our manufacturing operations and market demand, while delivering the best product to our users,” a Faraday Future press release reads. “This will also help to mitigate any production capacity shortfalls versus anticipated market demand.”
- The company also revealed that it has $29.8 million cash on hand.
- “The company expects to need substantial additional financing to start the second and third phase delivery and is in discussions with additional potential investors,” the press release reads. “As the company executes the three-phase delivery plan, it plans to continue to move vehicles into production and off-the-line with high quality and high product power.”