Faraday Future Leases A New Production Site In California

  • Faraday Future Leases A New Production Site In California

Faraday Future Leases A New Production Site In California

They aim for the new facility to employ up to 1,300 workers over 3 shifts once at full capacity. The company says Hanford is an ideal location for building electric cars, being halfway between the two largest EV markets in the country-San Francisco and Los Angeles. The outlet reports Faraday put its Los Angeles-based headquarters up as collateral in the deal.

Faraday Future has revealed only scant details about its organisation and financing.

In the meantime, Faraday Future executives have slashed some of the company's ambitious earlier goals, and plan to move its production facility from Nevada to California. Italian tire-maker Pirelli bought the factory in 1985, but shut it down in 2001. The building was first opened in 1962 by the Armstrong Rubber Co.to manufacture tires. "After Saturday's event, Faraday Future will continue the process of site preparations, including planning, refurbishment, and permitting", a company press-release noted. The electric auto maker was able to move forward with its new lease thanks to a $14 million loan from a NY investment firm.

The Wall Street Journal reported last week that Faraday had pledged its corporate headquarters as collateral after receiving a $14 million rescue loan from NY investment firm Innovatus Capital Partners. The total cost of the loan was not made public. The vehicles are meant to compete with high-end Teslas.

As for the luxury sedan FF-91, the company's hopeful first production model, the company started taking fully-refundable $5,000 reservations for the vehicle in January of this year. Faraday expects the first production cars to come off the line and be headed for customers by the end of next year. Now, more than a decade after they left, a California company wants to build cars in the same one million square-foot space, but they're not just any cars. Faraday Future's VP of Global Manufacturing, Dag Reckhorn, said, "Despite significant headwinds on the path ahead of us, we are laser-focused on that one key milestone".