Mar 29, 2023
Faraday Future Starts Production of Long-Delayed Electric SUVs
(Bloomberg) -- Faraday Future Intelligent Electric Inc. announced that it’s started producing electric vehicles following years of turmoil and more than $3 billion spent.
The company celebrated the milestone with a live-streamed event where it showed off a vehicle body built by a supplier outside its Hanford, California, plant. Faraday 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 shipping its first FF 91 electric SUVs, including certifying some key safety components such as the seat belts and airbags. It’s been a long time coming for the vehicle — founder Jia Yueting first showed a prototype of it in January 2017.
The company, which went public in July 2021 through a reverse merger, is coming off a power struggle for control over the board of directors. A shareholder group associated with the founder, 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’s chief executive officer was ousted late last year. On March 1, YT was promoted to a new role, 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.
Faraday shares fell 7% to 33 cents as of 8 a.m. Thursday in New York. The stock has plunged 93% over the last year.
(Updates with early trading in the headline and third paragraph.)
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