Faraday Future has delayed the start of production and launch of the FF91, its debut vehicle until the third or fourth quarter of 2022. The delay is due to the company needing additional capital to carry out the launch, media reports said.
Founded in 2014, Faraday Future said in early 2018 it would start making and selling electric SUVs, but had been forced to delay deliveries several times.
“The company needs additional cash to commercially launch the FF 91, and is currently seeking to raise additional capital to fund its operations through December 31, 2022,” the company said in a Bloomberg report.
Bloomberg in its report said the delay came amid a stalemate between the company and its founder, Jia Yueting. In late June, a shareholder group affiliated with him demanded the removal of a director from Faraday Future’s board. The director was offered a contract of up to $700,000 for him to resign.
On July 15, the shareholders said in a filing that they had offered Faraday a lifeline of “at least $100 million” on the condition that the director resign. Days later, the group accused the startup of not treating the offer “with the gravity, urgency and fairness it deserves given” its financial condition, Bloomberg reported.