FF's Global CEO Chen Xuefeng [Photo/Li Xing (NBD)]

On February 13th, Faraday Future (FF) announced that its production-intent FF 91 Futurist has arrived in Shanghai for testing and verification, including charging and infrastructure, as well as compatibility with other hardware and software applications.

"This will further advance FF's dual-home market strategy," said FF's Global CEO Chen Xuefeng.

Prior to this, FF had signed a Strategic Cooperation Framework Agreement with the People's Government of Huanggang Municipality, Hubei Province in the third quarter of 2022. Under the agreement, the People's Government of Huanggang Municipality will actively assist FF in industrial arrangement in the city, allocate relevant resources, and provide support for FF's  projects there, including but not limited to funds and policy support. FF plans to set up its China headquarters in Huanggang while retaining its global headquarters in Los Angeles, California.

According to the plan, FF is expected to start production of the FF 91 Futurist in late March of 2023 and start delivery by the end of April. However, FF also emphasized that the delivery of the FF 91 Futurist is subject to the receipt of funds from investors within the timeframe expected by the company.

On February 6, FF announced that it had reached final agreements with several investment institutions regarding the financing of US$135 million (equivalent to approximately 922 million yuan). On February 10, the carmaker announced that it had received US$50 million, the first tranche of the investment under the financing commitment, and that another US$5 million was expected to be received soon. "Under certain specified conditions, the company expects to receive the remaining US$25 million by February 17, 2023," said FF.

It is reported that among the conditions is the approval of the shareholders at an extraordinary general meeting on February 28, 2023 to increase the number of authorized shares, as well as the valid registration statements for the eligible bonds and share warrants.

FF said that once the financing is completed as expected, the company expects to meet the funding needs for mass production of the FF 91 Futurist. It is worth mentioning that due to the lack of funds, the mass production and delivery of the FF 91 Futurist has been delayed again and again. The company initially planned to hand over the vehicle to customers at the end of 2018.