What’s Happening: Faraday Future has announced an updated delivery schedule for its FF 91 vehicle, including a three-phase delivery plan and a new date for the first vehicle coming off the production line. The off-the-line event will be broadcast via the FF intelligent APP, FF.com, and all FF social channels on April 14th at 6:00 pm PDT. The revised delivery timeline follows news that some suppliers were unable to meet the company’s original schedule.
Why It Matters: The delivery of the FF 91 is a significant milestone for Faraday Future, marking the company’s entrance into the electric vehicle market. This announcement helps to maintain investor confidence in the company’s ability to deliver on its promises and provides a more flexible approach to manufacturing operations and market demand.
Key Points:
- The first phase of the delivery plan, the “Industry Expert Futurist Product Officer (FPO) Co-Creation Delivery,” is set to begin at the end of May.
- The second phase, “FPO Co-Creation Delivery,” is expected to start at the end of Q2 2023, subject to certain conditions.
- The third phase, “Full Co-Creation Delivery,” will involve delivering FF 91 vehicles to all spire users who pay in full, and is subject to sufficient financing.
- The delivery plan is contingent on receiving enough financing and parts, as well as completing required crash tests.
- As of April 11, 2023, Faraday Future has approximately $29.8 million cash on hand, including $1.5 million in restricted cash.
- The company will need substantial additional financing to begin the second and third phases of delivery and is in talks with potential investors.
- Faraday Future plans to announce its co-creation and co-sharing program and product launch event in May.
Bottom Line: Faraday Future’s updated delivery plan for its FF 91 electric vehicle offers a more flexible approach to production and market demand, while still providing a clear timeline for the vehicle’s release. The plan’s success is contingent on securing sufficient financing and addressing supply chain challenges, which will be critical for the company to establish itself in the competitive electric vehicle market.
