EV (electric vehicle) startup Faraday Future has delayed production of its FF91 flagship electric vehicle which can be attributed to money and supply chain issues.
The company made it clear that they are experiencing challenges within their business. This is to be expected, especially when we look at the current global climate as it relates to supply chain problems.
For now, they are hoping to start delivering the vehicle in the third and fourth quarters of this year, 2022. A major problem that will inhibit the growth of the company as well is capital. It seems at the moment that they need sufficient capital to continue operating on the core strategic interest within the business.
Given the current financial state of the economy and the capital area, this will pose a problem in the immediate future.
“Any challenges in supplier engagements, delays in ramping capacity or labor at the company’s Hanford, California manufacturing facility or for sales and service engagements, rising prices of materials, or ongoing global supply chain disruptions may further increase the need for additional capital to launch the FF 91 series,” the company said in the filing.
“Apart from the FF 91 series, substantial additional capital will be required to fund operations, research, development, and design efforts for future vehicles.”
For now, the EV maker is trying to cope with the challenges. We have seen that Tesla which is the poster child for the EV market is also experiencing similar challenges, mainly from the supplier side of things.
Hopefully, Faraday can iron out the challenges and get things done.
