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Not long ago, the official blog of Faraday Future (FaradayFuture) posted that FF 91 has completed long-distance testing. Today, Faraday released a promotional video in the future, saying that "the farther the FF 91 test mileage, the closer the FF 91 is to mass production delivery."

After announcing the strategic investment of Evergrande Group in 2018, Jia Yueting's FF 91 is expected to officially achieve mass production delivery in early 2019. Unexpectedly, the cooperation between the two sides has changed its mind, and Evergrande eventually withdrew its investment. Jia Yueting and FF are in financial difficulties again, and mass production delivery is a long way off.

After a series of layoffs and pay cuts, most of the employees in FF headquarters have been taken unpaid leave. In March this year, foreign media revealed that FF had sold its Los Angeles headquarters and continued to use it by lease in order to prepare funds to help the company maintain its operation. At the same time, FF officially announced its decision to sell 900 acres (about 5463 acres) of land in North Las Vegas, Nevada, for $40 million (about 268 million yuan), seeking ways to sell land to save itself.

FF, which has long claimed to be in contact with new investors, finally identified new investors on March 25. Internet company Ninth City announced that it has signed an agreement with Faraday Future through its subsidiaries to set up a joint venture to manufacture, market and operate electric cars in China.

In the future, the ninth city and Faraday will each hold 50% of the shares of the joint venture company, and the ninth city will have control over the operation of the joint venture company, with a maximum injection of US $600 million and phased injection; Faraday will provide exclusive manufacturing licenses for technology and models in the future. marketing, sales, etc. The joint venture expects to produce 300000 smart electric vehicles a year in China, and plans to take off the production line and scheduled sales by 2020.

Through the establishment of the joint venture, we have been able to further promote the implementation of the Sino-US dual-brand dual-home strategy and achieve the landing of our luxury electric car brand in China, Mr Jia said.

On June 10 this year, the new energy vehicle joint venture between FF and Nine cities announced that the project would be located in Hohhot. According to a notice issued by the ninth city. A memorandum of strategic cooperation was signed with Shaerqin Industrial Zone, Hohhot Economic and technological Development Zone, and the two sides carried out strategic cooperation on the settlement and development of the new energy vehicle joint venture company jointly established by FF and Nine cities in Shaerqin Industrial Zone. Shaerqin Industrial Zone will reserve not less than 5000 mu of land for the joint venture company. At the same time, the two sides will jointly set up a new energy industry fund, with nine cities and their subordinate enterprises contributing no less than 500 million yuan and the government no less than 1.5 billion yuan. Shaerqin Industrial Zone in Hohhot coordinated a loan of 4 billion yuan for new energy projects.

Interestingly, Jia Yueting did not play a prominent role in this project, but he received 5.5 billion yuan of local financial support to achieve the landing of the new energy vehicle project.

In addition, on April 30, FF officially announced that FF had received $225 million in debt and trust financing led by Birch Lake, a US commercial bank. Not only that, Houlihan Lokey, an independent valuation consultant, also valued FF at $1.25 billion, which FF said laid a solid foundation for the completion of equity financing.

In early June, domestic media visited the FF headquarters and found that more than 10 engineers were testing three FF 91 cars in its R & D workshop. The company's executives also revealed that formal mass production is expected in mid-2020, and the biggest variable is financial pressure.

Ticket skipping repeatedly, there is no exact time for mass production of FF 91, and Jia Yueting's car-building road is finally tripped by funds. However, with another series of financial support, FF may be one step closer to mass production.

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