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Today, Faraday Future Faraday will release its latest global manufacturing strategy, which mentions that the flagship FF 91 will be built at its 1.1 million-square-foot plant in Hanford, California. The infrastructure in the Hanford plant is already capable of mass production and will greatly reduce production costs and delivery time, officials said. It also said the plant has a capacity of about 10000 vehicles per year and is expected to start production within 12 months after the completion of the merger of FF and PSAC. In addition, FF has teamed up with the architectural design company Ware Malcomb to build the Hanford plant, and Ware Malcomb will provide support in architectural planning, interior design and civil engineering.

Bi Fukang, global chief executive of FF, said: "FF has already invested heavily in the Hanford manufacturing center, and the additional funds obtained from our merger with PSAC will also be injected into the Hanford manufacturing center, and we expect the plant to be put into use in the near future." With the Hanford plant coming into operation, it also seems to mean that the FF 91 is on the verge of mass production.

According to its release, FF is working with a leading manufacturing partner in South Korea to produce a follow-up model to the FF. FF has signed an agreement with Myoung Shin to increase additional vehicle capacity. Under the agreement, FF will use the former GM plant to start production in South Korea and will retain key mass production personnel while expanding production. FF is also exploring the possibility of increasing production capacity in China through contract manufacturing. FF is currently preparing to merge with special purpose acquisition company (SPAC) Property Solutions Acquisition Corp. "PSAC" (Nasdaq: PSAC). The previously announced merger agreement is expected to close in July 2021, after which FF will trade on Nasdaq under the ticker symbol "FFIE". The I in "FFIE" stands for Intelligent and Internet, and E stands for Ecosystem and Electric. FF's flagship electric model, the FF 91, is scheduled to be launched within about 12 months of the merger.

According to the Faraday Future official, the FF91 electric car will go on sale in the first half of 2022. The FF91 is Faraday's first production model and flagship model, with a maximum power 1050Ps and an acceleration of no more than 2.4 seconds per hundred kilometers. According to previous reports, FF91 sells for 2 million yuan in China and $200000 in the United States. Officials say they have ordered more than 14000 vehicles as of January and will seek contract manufacturing in South Korea and China in the future.

According to relevant data, Jia Yueting's Faraday Future was established in 2014. Since 2016, the future of Faraday has been plagued by financial problems, and the production of the FF91 has been delayed, and other models have also been withdrawn from the plan. FF cut hundreds of jobs in 2018 and sold its Gardena headquarters in 2019 to raise money.

In 2017, Jia Yueting went to the United States to build a car, but has not returned home. In 2019, Jia Yueting divided his shares in FF to creditors because of the debt crisis. In July 2020, Jia Yueting posted an apology letter entitled "working a Business, restarting my Life, with my apology, gratitude and commitment" on Weibo.

FF announced on its website that it had reached a final agreement with SPAC on a business merger, valuing the company at about $3.4 billion (22 billion yuan) after the deal was completed, and planned to list on the Nasdaq Stock Exchange in the second quarter under the symbol "FFIE." On March 26th, Faraday Future announced that it had raised nearly $100m in debt financing, which was led by a credit group managed by Ares Management Corporation and was also attended by existing lenders such as Birch Lake. Faraday Future said that the new financing will comprehensively accelerate the implementation of FF's complete product strategy, officially start the preparatory work for the production of FF Hanford plant, advance the countdown to FF 91 delivery, and accelerate the landing of FF's business in China.

On April 5, FF formally submitted S4 listing documents to the US Securities Regulatory Commission. FF currently has three models with the highest-end positioning, the FF91, FF81 and FF71,FF91, which are expected to start at $100000 and are expected to launch a year later, according to the documents. Aimed at the upmarket mass market, FF81 is expected to start mass production 18 months after the launch of the FF91, with a target starting price of $59000. The third model, the FF71, which is aimed at the mass market, is expected to be designed and developed in 2022, with a starting price of $45000. On May 25th, Faraday Future Faraday Future announced that the first FF futurist experience Center will be located in Manhattan, New York, USA on May 24th local time. The public can see and experience the electric car FF91 for the first time in New York. Faraday Future said that the FF91 is FF's flagship product, with 1050 horsepower, a 100-kilometer acceleration time of less than 2.4 seconds, and the NASA-inspired zero-gravity rear seat has a 60-degree elevation.

If Faraday's future Hanford factory can be put into operation smoothly, it may mean that Jia Yueting's "car building" can realize his dream, and it will be the only chance for Jia Yueting to turn around.

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