Faraday Future Delays Launch of FF91 Electric SUV Again
Faraday Future entered the scene with promising vehicles. The electric startup based out of Los Angeles revealed a concept version of the FF91 SUV in 2017 at the Consumer Electronics Show. Back then, the automaker stated that production of the vehicle would begin in 2018. Unfortunately, 2018 came and left and the FF91 still hasn't arrived. The company has been busy battling financial issues. And those financial issues have caused Faraday Future to delay the launch of the FF91, again.
Now Delayed To Q4
While Faraday Future revealed a production version of the FF91 SUV earlier this February and stated that it planned to start manufacturing the EV in the third quarter of 2022, things have changed. Bloomberg now reports that Faraday Future is pushing back the production date of its first vehicle to the "third or fourth quarter of 2022." With the third quarter nearly underway, we think a fourth-quarter launch date is far more likely.
This isn't the first time Faraday Future has had to delay the FF91. It's delayed the model quite a few times. The latest delay is because the automaker needs more money. "The company needs additional cash to commercially launch the FF91, and is currently seeking to raise additional capital to fund its operations through December 31, 2022," stated the automaker in a filing. Faraday Future is reportedly looking to raise roughly $325 million.
Internal Turmoil Continues
As Bloomberg points out, the latest delay comes at a time when the electric startup is feuding with its founder Jia Yueting. Before the end of June, a shareholder group affiliated with Yueting demanded that a director be removed from Faraday Future's board. Yueting stepped down as Faraday Future's CEO in 2019 as part of a restructuring deal.
Launching an electric car company from the ground up isn't exactly easy. Various companies that include Lucid, Lordstown, Rivian, Nikola, and Canoo have run into issues when launching their companies. Given how difficult of a time Faraday Future has been having with bringing its first EV to market, one has to wonder if the startup has what it takes to compete with Tesla and General Motors.
The FF91 has had the same specifications since it was revealed in 2017. The SUV has three electric motors for a combined output of 1,050 horsepower. With all-wheel drive, the SUV can get to 60 mph in 2.4 seconds. The SUV has a 130-kWh battery pack with an estimated range of 378 miles.
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