Jump to content
  • William Maley
    William Maley

    Faraday Future Leases A Factory, Promises FF 91 To Arrive By Late 2018

    Sign in to follow this  

      Some actual good news for Faraday Future


    Last month, electric vehicle start-up Faraday Future halted construction on their $1 billion production facility in North Las Vegas. At the time, FF said they would be looking into purchasing or leasing a production facility in either California or Nevada to get production of the FF 91 up and running.

    Today, Faraday has announced they have leased a factory in Hanford, California - about 200 miles north of their headquarters in Los Angeles. The facility is million-square-feet and the company is planning on employing close 1,300 people once production is up and running.

    “Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018. Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone,” said Dag Reckhorn, Faraday Future’s VP of Global Manufacturing in a statement.

    The Verge has some more details about this facility. Originally, the facility was owned by tire manufacturer Pirelli up until 2001. Since then, various land owners have leased out small parts of the facility to small businesses. 

    How did Faraday Future pay for the lease? The company has been dealing with a number of money problems. According to the Wall Street Journal this weekend, Faraday got a $14 million rescue loan from New York investment firm Innovatus Capital Partners. Reportedly, the company put up their headquarters as collateral.

    Source: Faraday Future, The Verge, Wall Street Journal (Subscription Required)
    Press Release is on Page 2


    Faraday Future Reveals New California Manufacturing Facility

    LOS ANGELES, August 07, 2017 – Faraday Future (FF) has signed a lease on its new manufacturing facility, and began the process of clean-up to prepare the new site for the move-in of manufacturing equipment. The facility marks another significant step forward for the company in delivering its first production vehicle, FF 91, to market by the end of 2018.

    Faraday Future had recently announced that it was shifting its manufacturing focus to a turn-key facility that offers a faster path to production. The new production facility, located in Hanford, CA, is strategically located between the country’s two largest EV markets, Los Angeles and Silicon Valley.

    “We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” said Stefan Krause, COO/CFO, Faraday Future. “Investors invest in people, and our employees continue to be Faraday Future’s strongest asset. As we begin this next phase in our company’s history, our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users, who have shown exceptional patience and resilience through the company’s difficult times.”

    On August 5, more than 300 Faraday Future employees and supporters voluntarily drove from Los Angeles to Hanford to begin the process of site clean-up, and embrace the company’s new manufacturing home. State of California, and City of Hanford and Kings County officials were also on-site to welcome Faraday Future to its new production facility.

    “The future of zero emission production is in California,” added Panorea Avdis, Director of the Governor’s Office of Business and Economic Development. “Faraday Future’s announcement today is another step towards realizing Governor Brown’s goal of adding one and a half million zero emission vehicles on the road by the year 2025. When Faraday Future achieves its goals, the State of California achieves ours, and our office will continue to assist the company’s needs to grow and expand, as we have from day one.”

    Dag Reckhorn, Faraday Future’s VP of Global Manufacturing is spearheading all strategy and execution behind the new Hanford site.

    “Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018,” said Reckhorn. “Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone.”

    Under Faraday Future’s new leadership team, helmed by Krause (former CFO and board member of Deutsche Bank and BMW Global CFO) and Ulrich Kranz (former Sr. Vice President at BMW, responsible for the successful launch of i8, i3, Z3, and X5) in their roles as COO/CFO and CTO, respectively, the company is driving strategic changes to get Faraday Future investible.

    This new production facility establishes the best path forward for the company’s manufacturing plans, and focuses on building out the company’s network of investors to diversify FF’s funding strategy.

    After Saturday’s event, Faraday Future will continue the process of site preparations, including planning, refurbishment, and permitting. Following the move-out of current tenants in late November, the company expects significant movement to ramp-up on site in early 2018.

    Faraday Future’s new manufacturing facility is 1M sq. ft., and will employ up to 1,300 workers, over 3 shifts, over time.

    Sign in to follow this  


    User Feedback

    Recommended Comments

    OUCH, $14 million is not much and I question it will allow them to get the hardware to build the cars. The Capital Partners who put up their HQ to invest here took a risky and not a smart move. I suspect all will be lost. I really doubt as much as I like Faraday that they will get their auto into production and sales. Some China company will probably end up owning them in the near future.

    Share this comment


    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.




  • Similar Content

    • By Drew Dowdell
      Most Luxury dealerships offer a loaner car when a customer brings their vehicle in for service.  But Audi is offering something different for new owners of 2019 or newer Audi vehicles. 
      Audi owns the rental car company Silvercar, a firm that exclusively offers silver Audis as their rental fleet. The new program called "Always Audi" allows purchasers of a new Audi seven days rental at no additional cost.   Customers can choose from the Audi A4, A5 Cabriolet, Q5, or Q7 from one of their 20 locations around the US.  All Audis at Silvercar come with GPS, Wifi, and SiriusXM at no additional cost. 
      Of course, there are a few catches.  The rental days must be used within the first 3 years of ownership, and drivers are still responsible for fuel, airport fees, taxes, tolls, optional insurance, and other options. 
      Now Audi owners can take "their" Audi along on vacation with them.
    • By Drew Dowdell
      Most Luxury dealerships offer a loaner car when a customer brings their vehicle in for service.  But Audi is offering something different for new owners of 2019 or newer Audi vehicles. 
      Audi owns the rental car company Silvercar, a firm that exclusively offers silver Audis as their rental fleet. The new program called "Always Audi" allows purchasers of a new Audi seven days rental at no additional cost.   Customers can choose from the Audi A4, A5 Cabriolet, Q5, or Q7 from one of their 20 locations around the US.  All Audis at Silvercar come with GPS, Wifi, and SiriusXM at no additional cost. 
      Of course, there are a few catches.  The rental days must be used within the first 3 years of ownership, and drivers are still responsible for fuel, airport fees, taxes, tolls, optional insurance, and other options. 
      Now Audi owners can take "their" Audi along on vacation with them.

      View full article
    • By Drew Dowdell
      Genesis has introduced Spectrum all-inclusive leasing.  While not a subscription service like Volvo's Care or Book by Cadillac , Spectrum does include insurance and all maintenance for 3 years.   Subscription leasing services main draw is the ability of the leasee to switch vehicles at some point during the lease.
      Genesis Spectrum covers the following:
      3 years/36,000 miles of complimentary scheduled maintenance 3 years/36,000 miles complimentary Service Valet 3 years of complimentary Genesis Connected Services, including Enhanced Roadside Assistance, Destination Search powered by Voice and Remote Start with climate control 3 years of complimentary SiriusXM® Travel Link (Data Services) 3 years of complimentary Annual Multimedia and Navigation Updates Up to $1,525 allowance for excess wear and use, excess mileage, and disposition fee for returning Genesis Finance customers Genesis is striking a balance between the car subscription services, which have questionable financial viability, and traditional basic leasing.  Genesis Spectrum will be available first in Florida and then roll out to select markets nationwide. 
    • By Drew Dowdell
      Genesis has introduced Spectrum all-inclusive leasing.  While not a subscription service like Volvo's Care or Book by Cadillac , Spectrum does include insurance and all maintenance for 3 years.   Subscription leasing services main draw is the ability of the leasee to switch vehicles at some point during the lease.
      Genesis Spectrum covers the following:
      3 years/36,000 miles of complimentary scheduled maintenance 3 years/36,000 miles complimentary Service Valet 3 years of complimentary Genesis Connected Services, including Enhanced Roadside Assistance, Destination Search powered by Voice and Remote Start with climate control 3 years of complimentary SiriusXM® Travel Link (Data Services) 3 years of complimentary Annual Multimedia and Navigation Updates Up to $1,525 allowance for excess wear and use, excess mileage, and disposition fee for returning Genesis Finance customers Genesis is striking a balance between the car subscription services, which have questionable financial viability, and traditional basic leasing.  Genesis Spectrum will be available first in Florida and then roll out to select markets nationwide. 

      View full article
    • By William Maley
      Towards the end of last year, the fate of Faraday Future looked to be bleak. Their main investor, Chinese company Evergrande Health Industry Group filed a complaint with the Hong Kong Stock Exchange that claimed Faraday tried to cancel a deal to sell a 45 percent stake to them. Evergrande claimed the company didn't meet various milestones to get the full $2 billion it had agreed to in the summer. But Faraday fought back, saying that Evergrade didn't cough up the cash.
      This would only signal the beginning of various issues. Throughout October, reports started to emerge that Faraday started implementing austerity measures that included a 20 percent cut in salaries and laying off a small group of workers. Later in the month, one of the co-founders of Faraday, Nick Sampson would step down.
      But there is some good news for Faraday. Earlier this week, Faraday Future announced that it and Evergrade have agreed to a new restructuring agreement. According to a statement, the new agreement will “terminate the previous investment contract, withdraw and waive all litigation and arbitration proceedings, and release all security including the asset preservation pledge and equity financing rights.” This agreement will see Evergrade's stake be reduced from 45 to 32 percent. 
      The agreement also opens the door for Faraday to look for new financing, something the company has badly needed for months.
      Source: Faraday Future on Twitter
  • Posts

    • 26 years in the biz yet it is you who doesn’t get it. More and more folks are using the internet to do just that so enjoy being left behind if you seriously think that he doesn’t get it. 
    • Thanks. Here’s two for you the next time you want to try and insult someone over where they worked and what they did just because you don’t approve of the subject matter.    The issues with the Bolt are pretty simple. Either market the hell out of it to increase sales and awareness or cease selling it and move on towards better applications of EV tech like an actual CUV or SUV. It certainly is a better use of money than investing in diesels that no one wants. Combined sales of the Colorado and Canyon (both less than the Bolt for the year) back this up.   
    • If it's a 2.0T Accord, it has blind spot monitoring, standard. That's a pretty common Honda feature now, and unlike GM's invisible version, you can 1) see it, and 2) it has the audible beep not just a silent yellow amber light. 2.0T Sport, EX, EX-L, etc. have it, along with the other lane keep, and such. Fusion, not a bad move. Deal, etc. too. Lots of solid options.
    • Most likely the Valiant was equipped with a leaning tower of power.  Maybe it was a close race. 
  • Social Stream

  • Who's Online (See full list)

  • My Clubs

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×
×
  • Create New...