FF to lease facility in Hanford to begin production of its flagship FF91 EV in 2018
Ending what seems to have been a run of bad news, Faraday Future (FF) announced that it has signed a lease for its new manufacturing facility, located between Los Angeles and Silicon Valley, California.
The company is now beginning the process of “clean-up,” of the 1 million square foot former tyre factory in Hanford, to prepare the new site for the installation of manufacturing equipment.
In March the company said it had cancelled plans to open its own facility in Vallejo, at the same time confirming that work had stalled on its US$1 billion Las Vegas factory.
However, the company says that the latest lease deal will enable it to operate a turn-key facility and offer a faster path to market for its FF91 model, which it plans to release in 2018.
“We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” said COO and CFO Stefan Krause.
VP of Global Manufacturing Dag Reckhorn also added: “Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018… Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone.”
According to a Wall Street Journal report, the company has agreed a US$14 million loan from Innovatus Capital which has helped secure the plant lease. However, further questions have arisen over the prospects for the company’s distant parent company LeEco, after millions of dollars of assets belonging to chairman Jia Yueting were frozen by a Chinese court.
For now FF will soldier on. In comments to Engadget, the company also said that its Las Vegas facility is not yet off the table: “We have not completely cancelled our plans in Vegas. We are retaining ownership of the APEX site, and remain committed to Nevada for our long-term manufacturing goals. Hanford is the right business decision for FF at this time as it provides a faster path to Start of Production.”
But with so much to accomplish in under 18 months, 2018 looks set to be a very long year for Faraday.