Faraday Future has signaled it will need to raise more cash to start production of the FF91, an electric crossover that was first shown more than five years ago.
In a regulatory filing issued on Monday, the electric-vehicle startup said it is in talks to raise cash to fund “production activities” through the end of 2022 and beyond.
In the same filing, the company said it will also need to raise cash to fund “operations” through the end of 2022, as well as “commercially launch” the FF91.
The company said it is looking to raise over $200 million in total.
Despite the headwinds, Faraday Future expects to start production and deliver the first FF91 crossovers in the U.S. in the third or fourth quarter of 2022. Production is scheduled to take place at Faraday Future's own plant in Hanford, California.
The vehicle's targeted starting price is $120,000, though only a special Futurist model will be available at launch. It has a targeted starting price of $180,000. In May we learned the company only had 401 pre-orders for the FF91 at the end of the first quarter of 2022.
Smaller FF81 and FF71 crossovers are planned and are targeted to start at $74,000 and $45,000, respectively. Faraday Future is also planning a delivery vehicle.