Faraday Future Intelligent Electric Inc. says it’s finally starting production of its first electric vehicles after years of internal struggles and spending more than $3 billion.
(Bloomberg) — Faraday Future Intelligent Electric Inc. says it’s finally starting production of its first electric vehicles after years of internal struggles and spending more than $3 billion.
The company celebrated the milestone with a live-streamed event where it showed off a vehicle body that was built by a supplier outside its Hanford, California, plant. The company started assembling the rest of the vehicle after the stream ended, and is still planning to make its first deliveries late next month, according to a spokesman.
Faraday still has hurdles to clear before it ships its first FF 91 electric SUVs. The company needs to certify some key safety components, including the seat belts and airbags.
The startup, which went public in July 2021 through a reverse merger, is coming off a power struggle for control over the board of directors that played out across 2022. A shareholder group associated with founder Jia Yueting, who goes by YT, spent months agitating for certain directors to step down following an internal probe that sidelined the executive and his nephew.
Several directors ultimately left and Faraday Future’s chief executive officer was ousted late last year. On March 1, YT was promoted to a new role within the company, reporting directly to the board.
The first person to receive a finished FF 91 will be YT himself, according to two people familiar with the matter.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.