Faraday Future Still Alive, Leases Factory In California

1 day ago by Sebastian Blanco 16

Faraday Future Hanford factoryRendering

When all else fails, talk up the future. In this case, after making headlines because of the shut-down of construction plans for its Nevada factory, Faraday Future just released a rendering of a different manufacturing facility, this one in Hanford, California. The new facility used to make tires, when it was owned by Pirelli. The company says that this facility, “marks another significant step forward for the company in delivering its first production vehicle, FF 91, to market by the end of 2018.”

That prediction is, of course, still the subject of some controversy. The wealthy investor behind FF, Jia Yueting of LeEco, admitted recently that the money is getting tight. Faraday has said that Yueting’s money woes won’t affect its plans to build its first car, and this latest announcement includes a statement from Dag Reckhorn, Faraday Future’s vice president of global manufacturing, who is apparently the leader of getting the Hanford site 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.”

Akshay Anand, an executive analyst for Kelley Blue Book, said it will be an uphill climb for FF:

Faraday Future seems to be getting more serious about its vision. The new leadership has deep industry expertise and the company is focusing on the FF 91 model. Now, Faraday has admitted its Nevada site was a mistake and secured a facility that will be more cost-effective and allow better speed to market. Given the rapid industry advances in electric vehicles, these are critical aspects for success. Faraday still has an uphill road given that producing a vehicle is a daunting task, and other electric vehicles are dominating the headlines, but at the very least, there is now some potential in a situation that was starting to look bleak.

An uphill battle, perhaps, but at least Faraday has some recent experience with that.

Press Release:

FARADAY FUTURE REVEALS NEW CALIFORNIA MANUFACTURING FACILITY
EMPLOYEES TRAVEL FROM LOS ANGELES TO HANFORD TO READY THE NEW 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.

ABOUT FARADAY FUTURE

Faraday Future is a user-centric, advanced mobility company with headquarters in Southern California. Our global team leverages the talents of leading thinkers and passionate creators from the technology and automotive industries to bring premium, intuitive, and seamlessly connected electric vehicles to people worldwide.

Source: Faraday Future

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16 responses to "Faraday Future Still Alive, Leases Factory In California"

  1. Will says:

    Delusional.factory DO A. It’s not happening let it go, let it go

  2. ffbj says:

    The artwork should be identified, as an artist’s conception, which coincidentally is what FF is.

    1. wavelet says:

      _Scam_ artist’s conception, you mean (-:

  3. John says:

    Move your struggling vision to California, of all states? Yeah, THAT tax heavy state is gonna be your salvation… right..

    1. Mark.ca says:

      You go where the money, brains and political support is. You would be a fool to think Tesla was not helped in its progress by its location.

      1. will says:

        No tax break for fruads

      2. John says:

        Tesla bought a former Toyota factory in 2011 at a massive discount due to the commercial economy crash. That’s likely the main reason they have their initial footprint in California. The real estate market came back and (shocker) they didn’t put their Gigafactory in California. They went to a tax friendly state now that commercial property has returned.

    2. SJC says:

      They will get tax breaks.

  4. Four Electrics says:

    Time to piss all over FF again, eh? I’m reminded when Tesla was weeks away from selling to Google. Partisans have such short memories.

    1. Pandish says:

      https://www.ft.com/content/9fdb5fba-7b47-11e7-9108-edda0bcbc928

      Le Eco has missed payments on close to half a billion in loans even after it sold its Silicon Valley property for 260 million USD.

      And this property was only secured after a loan was taken with the company’s HQ as collateral.

      Moreover financing coming from SUNAC is suspect because the SUNAC WANDA deal of last month might lead to PRC arrests and further investigation into SUNAC.

      There are repeated attempts to paint this as a rivalry between EV manufacturers. But that’s incredulous when Leshi, FF’s short more money this year than Tesla has raised in its entire history. And the collateral is their stocks which are rapidly becoming worthless.

      This isn’t partisan, all of this point to Faraday Future being a vehicle to raise cash for the parent who was struggling to keep its expansion spree, a spree that yielded no real increase in profits, just astronomical debt to service.

  5. menorman says:

    Interesting to note that this is right near a planned stop on the CAHSR initial operating segment. Having access to both Bakersfield and Fresno in less than an hour and Silicon Valley in less than two will be extremely valuable without saddling FF with the astronomical cost of land in the Bay Area.

    1. will says:

      Sorry but high speed rail won’t be build.

  6. speculawyer says:

    I’ll remain skeptical. It is an extremely difficult market. But the more the merrier!

    The conventional automakers sure haven’t done well. A few decent offerings but still mostly just foot-dragging and half-hearted conversions.

    1. Will says:

      The more the merrier if the car is being produce but this company have not produce a thing besides it’s prototype and the company being investaged for finance and fraudulent characters

      1. JIMJFOX says:

        Time to learn proof-reading, Will??

    2. Amperaguy says:

      Indeed, there are many reasons to remain sceptical, but this is definitely a move to more sensible direction. Despite all the shortcomings in their business plan and financing, I sincerely hope they manage to get the car on market. There is still hope.

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