Faraday Optimistic To Launch The FF91 Luxury Electric Car Amid The Global Economic Downturn

JAKARTA – Many startup companies are currently experiencing challenges due to the lack of investment in the midst of the recent global economic downturn. However, this did not dampen the intention of several autonomous vehicle companies to continue their business.

Faraday Future Intelligent Electric (FFIE) will be able to launch the FF91 luxury vehicle without requiring additional funding. This was explained by FFIE's Chief Executive Officer, Carsten Breitfeld, on Wednesday, June 5 in an interview with Reuters.

Breitfeld added that the company needs to raise capital in the second half of the year. At a Deutsche Bank conference earlier on Wednesday, he said the company was confident of securing additional funds despite difficult macroeconomic conditions.

Electric Last Mile Solutions (ELMS) filed for bankruptcy because its inability to raise additional funds has left investors worried about how other startups' balance sheets are faring.

In May, Rivian Automotive Inc. said it had enough cash to open a plant in Georgia by 2025, without needing additional capital.

Faraday said it will start deliveries of the FF91 car in the third quarter of this year and expects to produce between 6,000 and 8,000 cars by 2023.

"The company will follow a "hybrid strategy" in building our cars," said Breitfeld. Currently, the FF91 crossover is built at the Hanford, California facility and the mass market vehicle FF81 will be built by contract manufacturer, Myoung Shin.

He expects the FF91 luxury vehicle to compete with brands such as Rolls Royce, Volkswagen Group, Bentley and Mercedes Benz Maybach.

Breitfeld said that Faraday will ship the car with the necessary hardware for its autonomous driving technology. However, it will use software stacks from third parties and drivers will get updates regarding advanced driver assistance system (ADAS) capabilities over the air after launch.

Faraday also said he was in talks with local governments and partners in China to start production in the country. However, this development is still at a nascent stage.