DETROIT, 22 July (Hfrance.fr) - Electric car maker Faraday Future officially begins its life as a publicly traded stock Thursday after shareholders of the blank check it merged with approved the deal, and the Managing Director has a product roadmap that includes a South Korean manufacturing partner.
Faraday has completed its merger with Property Solutions Acquisition Corp (PSAC.O) on Wednesday, giving the Los Angeles-based manufacturer EV approximately $ 1 billion in revenue to fund the deployment of the FF 91 crossover from its factory in Hanford, California, in one year, Carsten Breitfeld told Hfrance.fr in an interview.
The FF 91, starting with the top model range priced over $ 200,000, will be launched in small volumes to ensure high quality and establish the Faraday brand before it begins to move into higher volume segments, he said.
"Our strategy of starting from the top as a halo product is not only the right way to define a premium brand, but it is puts us in a very secure position to cast at high quality atstart, "said Breitfeld, a former BMW (BMWG.DE) executive who also co-founded Chinese electric vehicle startup Byton before leaving in early 2019.
Faraday, which agreed to be released to the public by the ad hoc acquisition company in January, initially planned to launch its FF 91 car in 2019. However, it has faced multiple delays production due to funding issues. read more
Once one of the most publicized EV startups, Faraday spent $ 2 billion in cash and its founder Jia Yueting finalized his personal bankruptcy last year.
The FF 91, which will compete with Maybach, Bentley andRolls Royce, will be launched with plans to build just 300 of the futuristic premium alliance model before offering a cheaper version at slightly higher volumes, Breitfeld said. The Hanford plant will start up with an annual capacity of 10,000 vehicles and the capacity to increase to 30,000 with a modest investment.
The vehicle will initially be sold in the United States market, followed by China five months later and ultimately Europe, he said. Vehicle battery cells will initially be supplied by (051910.KS) LG Energy Solution Unit.
In thirty months, Faraday will launch the FF 81, a smaller crossover built on the same platform by the company's South Korean subcontractor MS Auto Tech (123040.KQ) , said Breitfeld. FF 81 will start at over $ 70,000 and compete with the (TSLA.O) Model S and Model X vehicles.
Faraday aura the possibility of building up to 270,000 vehicles per year at the Korean plant, he said.
Faraday did have yet to make a deal for Chinese company Geely (GEELY.UL) to be the outsourcing startup in this market, Breitfeld said. The FF 71 larger public, starting at around $ 45,000 and built on a different platform, is scheduled for early 2025. read more Report by Ben Klayman in Detroit; edited by David Evans
Our standards: Thomson Hfrance.fr trust principles.