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Faraday Future says they need more funding to put FF91 into production

Faraday Future is pushing back the production launch of its FF91 electric SUV to “Q3 or 4 of 2022” and claims it needs more cash, the company said Monday in a statement. submit.

First reported by Bloomberg, the filing claims Faraday is in need of more cash to fund its operations through the end of the year. Faraday also said in an investor slide that it is looking to raise $325 million, according to Bloomberg report.

Earlier this year, the company confirmed that the FF91 would launch in the third quarter of this year – without additional funding. It also revealed that its mass-market model, the FF81, is due for production in 2024 at a former GM facility in South Korea.

Prototype Faraday Future FF91

Prototype Faraday Future FF91

Outside of Korea, the filing also claims the FF81 will be manufactured at a facility in China along with another mass-market model called the FF71. The FF81 will have 60% similarity to the FF91, according to the filing, but the FF71 may have more model-specific components. The filing also mentions a last-mile delivery van.

The news comes amid a dispute between Faraday and one-time boss Jia Yueting, the Chinese tycoon who originally funded Faraday through his technology company LeEco. At the end of June, a group of shareholders affiliated with Jia requested the removal of a director from Faraday’s board, according to Bloomberg.

In response, Faraday is said to have accused the corporation of offering a $700,000 contract for the director to resign. On July 15, shareholders said in a filing that they offered Faraday “at least $100 million” on the condition that the director resigns, according to the report. A few days later, the group was reported to accuse Faraday of failing to make a proper offer.

Faraday Future FF91 has production purposes

Faraday Future FF91 has production purposes

As shareholders argue, time is ticking on FF91. While the specs look respectable — the record mentions an EPA-rated 350-mile range target and a 2.5-second 0-60 mph time for the top three-engine Futurist version — The FF91 is in danger of being overtaken by other luxury EVs.

Faraday announces FF91 in January 2017, claims that its concept car’s exterior will be essentially the same in production form. But it doesn’t show production grade furniture until the end of 2019. Meanwhile, many other startups and established automakers have launched or announced their own electric SUVs.

The FF91 looked like a technology leader when it was first shown, and the company has aimed to keep some of that light by adding a few new features, such as High definition video calling capabilities. But customers won’t wait forever.

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