Faraday Future will build its second car in the US, may go public in 2020
The hunt for additional funding has Faraday Future pretty excited for the future.
Even though some of its employees might be hosting a GoFundMe campaign to stay liquid during an unexpected furlough, things sound like they're moving forward at Faraday Future this week.
Faraday Future announced on Tuesday several updates on its business. On the money front, now that it's been deemed free to seek additional funding, Faraday Future said it's working to lock down $500 million in additional funding. The two firms it's working with -- Stifel Nicolaus & Co., and Miller Buckfire & Co. -- are also working to smooth out supplier relations that will prove key to building its first car, the FF 91, on time.
Even Faraday CEO Yueting Jia is willing to do what he can to make sure suppliers don't disappear. "Before successful financing, I am willing to take out my personal equity as a pledge and guarantee for all supplies," Jia said in a statement as part of the company's press release. "We will not let them have any payment risks." Faraday Future relies on 177 suppliers, and reports from months past have outlined a strained relationship between the automaker and its suppliers.
The FF 91 is still in development, and additional funding would allow that development to expand.
In addition, Faraday Future also announced that its second vehicle, the FF 81, will now also be built at its US facility in Hanford, California. The automaker has not released any official details about the car yet, but a spokesperson said that details will hopefully be revealed in the near future. Previously, it was believed that Faraday would build FF 81 in China. As for the FF 91, the automaker intends to build more development mules through the end of the year.
Finally, there's the matter of going public. Faraday Future has every intent to become a publicly listed company, and it may do so earlier than expected. According to its press release, Faraday is now eyeing an IPO date of 2020. The company said in its release that it is "receiving interest from investors from around the world who see strong value in FF's seasoned tech and automotive management."
It's been a wild ride for Faraday Future lately. After its chief stakeholder Evergrande decided against a second payment, much to Faraday's chagrin, the automaker had to furlough some of its staff and cut salaries by 20 percent until it could get back on its financial feet. Eventually, an arbitrator found in favor of Faraday, allowing them to seek funding outside Evergrande. The company has been seeking more solid ground since.
Faraday Future FF91: Come along as we watch the FF91 do some high-speed testing.
Faraday Future at CES 2017: It was an honest-to-goodness spectacle.