Faraday Future leases Californian plant after receiving $14M rescue loan

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Artist’s impression of Faraday Future’s proposed plant in Hanford, California

Artist’s impression of Faraday Future’s proposed plant in Hanford, California

After stopping work on its planned $1 billion plant in Nevada in July, electric car startup Faraday Future has managed to secure access to an existing plant that will allow it to get its first model, the FF 91, to market faster.

Faraday Future on Monday said it has leased a 1 million-square-foot former tire plant in Hanford, California. The site is roughly 200 miles north of Faraday Future’s Los Angeles headquarters and if all goes to plan will be churning out cars at an initial rate of 10,000 per year.

Faraday Future has spent around $120 million on the Nevada site. The company has previously said it plans to retain the rights to the site so that it will be able to complete the plant at a later date. So far the site has only been cleared and had some sewer infrastructure installed.

Faraday Future FF 91 prototype

Faraday Future FF 91 prototype

Faraday Future remains hopeful of starting deliveries of the FF 91 in late 2018. The 1,050-horsepower electric car was first shown in January at the 2017 Consumer Electronics Show. Since then, engineers have been further developing the car.

Faraday Future will still need plenty of funds to get the FF 91 into production. In May it was reported that Faraday Future was looking to raise $1 billion after major backer, Jia Yueting, the CEO and founder of Chinese tech giant LeEco, said his various ventures were experiencing a cash crunch due to too rapid expansion.

According to the Los Angeles Times, Faraday Future recently received a $14 million emergency loan from investment firm Innovatus Capital Partners after putting up its headquarters as collateral. Those funds will tide the company over until more substantial funds can be raised.

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