Faraday Future has big plans for the next few years, ones that involve a lot of money. The problem is, right now they are struggling to find the funding to make those plans into reality. Even so, the cash-strapped electric vehicle startup held a media summit on Thursday to show off its new CEO and update the public on the production of its first vehicle, the Faraday Future FF91.
Faraday Future FF91
Thursday’s summit was certainly optimistic. Faraday Future CEO Carsten Breitfeld told the media that the company would begin producing its first vehicle, the FF91, in September of 2020. Delivery of those vehicles is expected to begin sometime later in the fall of 2020.
Designers have spent the last year and a half fine-tuning the FF91 for production, mostly as something to do as the company teetered on the edge of bankruptcy. Already several glitches and issues have been identified and addressed, meaning that it will hit the market in a much better state than it may originally have.
With a price point of $150,000 to $200,000, the Faraday Future FF91 is meant to compete with brands such as Bentley and Rolls Royce. This means that it has been manufactured using premium materials such as leather, Alcantara, and metal. The FF91 also comes with 11 different screens, comprised of over 100 inches of display area. Its smartphone-integrated features mean that users should be able to unlock doors, create a personalized in-car experience, and navigate to destinations using complex search criteria all from their Apple or Android devices.
A Beleaguered Company
A big problem with the CEO’s encouraging words and assurances is that no matter how you look at it, Faraday Future is a company with a lot of financial baggage. Past production and delivery promises have fallen through, such as a prior deadline of 2018 which never materialized. The last two years of financial scandal and executive incompetence have badly damaged Faraday Future’s relationship with suppliers, its ability to woo investors, and even the stability of its infrastructure. No matter what Breitfeld’s good intentions might be, those are some pretty big hurdles to overcome.
If Breitfeld is anywhere near as intelligent as he seems to be, he is well aware of these obstacles. He cites his past experience at BMW and Byton as proof that he will be able to turn the company around and make things happen. He is now seeking additional investors in the U.S. to help fund Faraday Future’s, well, future. Breitfeld is also trying to repair damaged relationships with suppliers. If all goes well and he is able to make the necessary changes, he predicts that Faraday Future will be able to produce 10,000 cars per year.
“The biggest shortcoming right now is the ability to execute,” Breitfeld said. “This is where I can bring some experience and knowledge.”
New Car Coming Soon: The FF81
Faraday Future has also been actively designing new vehicles in the midst of all of its financial scandals. It looks like the electric vehicle startup is using its Vehicle Platform Architecture from the FF91 to develop additional models, and the next one coming out will likely be the FF81. This electric SUV will be more in line with the Tesla Model X and come with a similar price point.
With luck, the FF81 will reach its gamma pre-production stage in about 14 months. Production could begin by the end of 2021 or the beginning of 2022.