On August 30, Faraday future released the latest information of its business progress: at present, the financing activities and the launch of FF 91 electric vehicles are in progress simultaneously.

According to the official statement, all the equipment required for the mass production of ffiefactory California in Hanford, California has been put in place, and other relevant equipment required for the comprehensive increase of production is expected to arrive at the factory later this year, and will not have a substantial impact on the time or speed of capacity increase.

With the equipment in place, Faraday has made substantial progress in the equipment installation in the main manufacturing area of factory vehicles in the future. In addition, the company's business plan envisages the delivery of FF 91 electric vehicles in the fourth quarter of 2022. Relevant testing, verification and certification will also be completed in the fourth quarter.

Facing the tense situation of the supply chain, Bi Fukang said: "we noticed some challenges in the supply chain, which affected the mass production schedule of FF 91. We have successfully raised US $52 million in secured note financing and are conducting further financing discussions with various parties. However, in the process of completing these potential transactions, we also affected the production and delivery time of FF 91 electric vehicles."

In addition, Bi Fukang also disclosed: "The company has taken actions to protect cash flow, including reducing expenditure, extending payment cycle and implementing other similar measures. As of August 26, 2022, 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 rate of the plant's output increase, which may also greatly affect the expected output. However, when we launch f in the fourth quarter F 91 will show consumers the future of intelligent connected travel. "

A few days ago, Faraday future said that it had submitted a revised preliminary proxy to the US Securities and Exchange Commission before the special shareholders' meeting. It is reported that the company announced last month that its electric vehicle plan was postponed again to raise funds to operate until the end of the year. Faraday future said that many shareholders issued "many inaccurate and misleading statements" and the power of attorney was intended to "correct the statements".