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Production of Faraday Future's first electric car, the FF 91 Futurist, will begin in FF ieFactory California, Hanford, Calif., on March 30, 2023, after investor funding is on schedule, Faraday Future said on its official Weibo post. According to the scheduled plan, the first vehicles manufactured by FF ieFactory California will be offline in early April and delivered to the first batch of users by the end of April after the investors' funds are on schedule.

Chen Xuefeng, FF global CEO, said: "now, once the company's investor funds are in place as scheduled, the company has all the funds needed for FF 91 Futurist to start production, and all the production equipment has been put in place. FF is working with a number of world-class equipment suppliers to support FF to start delivering vehicles in April this year. " In addition, Chen Xuefeng issued an open letter to FF suppliers, in which he re-emphasized that FF has just completed its latest round of financing of $135 million. If the funding is available in time, it will not only meet the funding needs to start production of FF 91 Futurist at the end of March, but also lay the foundation for the realization of FF's medium-and long-term strategic goals.

Jia Yueting, the future founder of Faraday, also said: thanks to all the most futuristic Suppliers in the world. I hope we can meet "FF ieFactory California" in California as soon as possible and work together to build FF into a "Ferrari + Maybach" in the era of smart trams.

It has been 8 years since Jia Yueting founded Faraday, and the news about its first model has been coming out constantly in recent years, but it has been unable to produce in large quantities. Although its first mass-production electric car, the FF 91, was unveiled in Las Vegas in 2017, the production time of its first model has been repeatedly delayed due to Jia Yueting's personal reasons, financial problems and Faraday's future infighting. In 2018, Faraday posted on its official Weibo that it "firmly believes in our ability to deliver FF91 to global booking users by 2019." In 2019, the delivery time was changed to "scheduled for delivery in 2020." In 2020, Jia Yueting announced personal bankruptcy restructuring, and equity delivery delayed the delivery of FF 91 again.

On July 22, 2021, FF was listed backdoor on NASDAQ and officially traded under the stock symbol "FFIE". The offering price of FFIE was $13.78 and closed up 1.45% on the first day to close at $13.98, with a total market capitalization of $4.535 billion. On the day Faraday landed on NASDAQ in the future, founder Jia Yueting said in an interview with the media that "we will go all out to achieve 12-month mass production and have great confidence in on-time production with FF 91."

By the time of delivery in the summer of 2022, due to problems such as capital breaks, officials once again announced the postponement of delivery. "delivery of the FF 91 is no longer expected to begin in the third or fourth quarter of 2022," FF said in 8murk filings with the Securities and Exchange Commission (SEC) in September 2022. In December 2022, Faraday will hold a global investor business communication meeting in the future. Production of the first production car, the FF91 Futurist, is expected to start at the end of March 2023 and will be released in early April, officials said, and new cars will be delivered to users in the same month. However, officials said at the time that the FF 91 would be mass-produced only if $150 million to $170 million was available in time and shareholders' approval to increase the number of authorized shares in time.

Funding problems have plagued Faraday's future since its inception, and its first model has not been able to be mass-produced. However, the good news about FF has been coming out since 2023. First, it dealt with the internal contradictions between the senior levels of FF, making the power of FF back in the hands of Jia Yueting again. In addition, it was announced that the Huanggang municipal government held hands to locate the China headquarters of FF in Huanggang City, and also said that it had completed a financing of US $135 million. At the same time, it also posted that the quasi-production test car of its first model, FF 91 Futurist, had been shipped to China this month for market testing and verification.

Of course, a variety of good news also revived the capital's optimism about Faraday's future, or affected by the news, Faraday's share price yesterday expanded to 15% pre-market gains to close at $0.606.

Since Jia Yueting abandoned Letv to pursue the car dream in the United States, this time it seems to be very close to realizing the dream. However, Faraday's future financial situation is not optimistic. According to Faraday's future filings with the Securities and Exchange Commission (SEC), the company's net losses from 2019 to 2021 were $142 million, $147 million and $517 million, respectively. As of September 30, 2022, Faraday's future cumulative loss reached $3.3 billion (about 23.6 billion yuan). Faraday's future total assets are about $541 million and total liabilities are about $253 million. If we follow its earlier speed of "burning money", if we can't achieve the mass production of FF 91 Futurist earlier, even if we get a huge amount of financing, it will be used up quickly. For Faraday's future, the deeper significance of FF91 mass production may be to let investors have confidence in Faraday's future and let the market see the hope of survival.

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