Faraday Future raises $14m, leases old factory for future electric car line
Faraday Future announced on Monday that it’s signed a lease on a turn-key manufacturing facility in Hanford, California, south of Fresno. The company has been hyping its plans to build a luxury electric vehicle called the FF 91 that would compete with high-end Teslas, but it’s struggled with funding and production. Faraday recently pulled out of plans to build a massive factory north of Las Vegas as well as plans to negotiate a deal for another new factory location in Vallejo, California.
According to the Los Angeles Times, Faraday Future received an emergency loan from an investment firm to the tune of $13.75 million, using a claim to the company’s Gardena, California, headquarters as collateral. The company will need to raise millions more to deliver market-ready FF 91s by the end of next year, as it’s promised to do. Stefan Krause, Faraday Future’s Chief Operating Officer, told the Times that having an assembly line will attract additional investors as it “makes it more real” for them.
The warehouse being leased was originally a tire factory, first built by Armstrong Rubber Co. in 1962 and purchased by Italian tire maker Pirelli in 1985. Pirelli shut the factory down in 2001 for economic reasons, and tenants have been various since then, most recently a potential pot-growing operation.
Source: Ars Technica