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Faraday Future: Financing, launch of FF91 on track

Faraday Future Intelligent Electric will be able to launch its FF91 luxury vehicle without the need for additional financing, CEO Carsten Breitfeld said in an interview with Reuters on Wednesday.

Breitfeld added that the company would need to raise capital in the second half. At a Deutsche Bank conference earlier on Wednesday, he said the company was confident of securing additional funds despite tough macroeconomic conditions.

Electric Last Mile Solutions’ bankruptcy filing due to its inability to raise additional funds has investors worried about how the balance sheets of other VE startups are piling up.

In May, Rivian Automotive Inc. said it had enough cash to open its Georgia plant in 2025, without needing additional capital.

Faraday said he would begin delivery of the FF91 in the third quarter of this year and expects to manufacture between 6,000 and 8,000 electric vehicles in 2023.

The company will follow a “hybrid strategy” in building its cars, Breitfeld said, with the FF91 crossover being made at its Hanford, Calif., plant and the FF81 mass vehicle being built by contract manufacturer Myoung Shin.

He expects the FF91 luxury vehicle to rival brands such as Rolls Royce, Volkswagen Group’s Bentley and Mercedes Benz’s Maybach.

Breitfeld said Faraday will deliver cars with hardware for self-driving technology. However, it would use a third-party software stack, and drivers would receive updates related to advanced over-the-air driver assistance systems capabilities after launch.

Faraday also said he was in talks with the local government and partners in China to start production in the country. However, developments are at a nascent stage.