According to the latest report, Faraday Future said in a presentation to investors on Wednesday, local time, that it plans to open a factory in China as early as 2025. In a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the company said it is looking for a new headquarters for the Chinese market that will be used to build future electric vehicles.
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While the company has previously mentioned plans to expand in China, this is the first time the company has provided some details. The sources believe that considering the company’s long-delayed first model, the 1050-horsepower FF 91, is difficult to deliver and continues to burn money, FF’s short-term revenue prospects are slim, although the expansion plan in China sounds like a plan.
FF Chief Executive Carston Breitfeld warned in May that the company was running out of money. He also said the company plans to deliver the first FF 91 to customers in the third quarter of 2022. He added that the company’s 1.1 million-square-foot factory in Hanford, Calif., is scheduled to open in July and will eventually have an annual capacity of 10,000 vehicles.
Moreover, Faraday already owns 90 percent of the equipment it needs to make a car, including facial recognition technology, three 5G modems, and nearly 12 screens, according to filings with the U.S. Securities and Exchange Commission.
Meanwhile, in May, the company narrowly avoided a Nasdaq delisting by filing its long-overdue 2021 annual report and 2022 Q1 earnings report. However, the results showed that the company was suffering widening losses and lacked the funds to produce a second model, the FF 81.
