All equipment required for Faraday's future weighing production has been put in place, and FF 91 electric vehicle will be delivered in the fourth quarter

Today, Faraday future, an electric vehicle manufacturer, released a business progress update, announcing that all the equipment required for mass production of FF 91 electric vehicles has been in place.

Faraday future said that its ffiefactory California plant in Hanford, California, USA has made good progress. At present, all equipment required for mass production ("SOP") of FF 91 electric vehicles has been ready. Later this year, relevant equipment required for further capacity improvement will also be delivered to the plant. The company expects that these equipment will not have a material impact on the time or speed of capacity improvement.

Dr. Carsten breitfeld, Global CEO of Faraday future, said: "the factory team of ffiefactory California is producing quasi mass production vehicles for final testing. I am very grateful to the team and engineering contractors of Hanford factory. We are building a world-class luxury car factory."

At present, Faraday future plans to complete the testing, verification and certification of FF 91 electric vehicles in the fourth quarter of this year and start mass production and delivery. Regarding Faraday's future financing situation, Dr. Bi Fukang said that some problems in the supply chain had affected the delivery time of FF 91 electric vehicles. At present, we have successfully raised US $52 million in secured bill financing and are continuing to discuss further financing with various parties.

Dr. Bi Fukang added: "the company has taken measures to protect its cash flow, including reducing expenditure, extending the payment cycle and other similar measures. As of August 26 this year, the company's cash balance in the United States was US $47.2 million, and the restricted cash was US $1.5 million. The time and amount of raising additional funds may affect the time and speed of the plant's output improvement and the expected output."

As for FF 91 electric vehicle, Dr. Bi Fukang said: "FF 91 will be the first high-end, high-performance luxury intelligent electric vehicle in the market, and will redefine the driving experience of users. When we launch FF 91 in the fourth quarter, we will show consumers the future of intelligent interconnection."

Faraday future released the second quarter financial report of 2022 on August 16. The financial report shows that Faraday's net loss in the second quarter of the future is 142 million US dollars (about 963 million yuan), an increase of 168% year-on-year.