Many startup companies are currently experiencing challenges due to the lack of investment in the midst of the recent global economic downturn. However, this did not dampen the intention of several electric vehicle companies to continue their business.
One of the optimists is Faraday who says he is able to launch the FF91 luxury vehicle without requiring additional funds. This was explained by Faraday CEO, Carsten Breitfeld, on Wednesday, June 5 in an interview with Reuters.
Faraday needs to raise capital in the second half of the year. At a Deutsche Bank conference earlier on Wednesday, he said the company was confident of adding additional funds for electric vehicle development despite difficult macroeconomic conditions.
Some time ago, Electric Last Mile Solutions (ELMS) filed for bankruptcy because it was unable to raise additional funds.
In May, Rivian said it had enough cash to open an electric vehicle production facility in Georgia by 2025, without the need for additional capital.
Faraday targets delivery of the FF91 car in the third quarter of this year, with a production capacity of between 6,000 and 8,000 cars by 2023.
Breitfeld said it was using a hybrid strategy for the production of their vehicles. The FF91 crossover is being built at the Hanford, California facility and the FF81 will be built by contract manufacturer, Myoung Shin.
The FF91 itself is projected to compete with brands such as Rolls Royce, Volkswagen Group, Bentley and Mercedes Benz Maybach.
Faraday also said it was in talks with local governments and partners in China to start production in the country.
