Faraday Future Delivers Its Second Vehicle of the Year
Written by Cláudio Afonso | LinkedIn | X
California-based Faraday Future delivered on Monday its second vehicle of the year. As it struggles to secure funding and convince investors about its long-term future, the company founded by YT Jia delivered the FF91 2.0 luxurious EV to a new customer.
Faraday Future has recently published its first quarter financial results reporting a revenue of $2,000 as no vehicles were sold to customers in that period.
The delivery of the vehicle to Wei Gao, a former journalist and the current Head of Global Communication and Community Sales at Faraday, was initially planned to take place at the Pebble Beach Auto Show.
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However, the company switched plans and did the handover at its headquarters in Los Angeles. The delivery represents the 13th vehicle overall and the second one year to date.
Last week, Jia published a video admitting that the delivery ceremony was delayed adding that he would drive the car to the Auto Show this week.
“Second, I will drive the FF91 2.0 to the Pebble Beach Auto Show next week. I look forward to sharing through live video the breathtaking scenery of PCH, and at the event itself, treating you to a feast of the world’s most luxurious cars”.
“We may also unveil further plants related to the launch event for our second brand and our China-US automotive industry bridge strategy,” he added.
Here’s the full video shared by YT Jia.
On the last day of July, shareholders approved all the six proposals at the company’s Annual meeting including the reverse stock split that will allow the stock to comply with the Nasdaq minimum bid requirement of $1.00.
Faraday Future has recently announced that it has entered into a Waiver Agreement with key investors to alleviate its cash payment obligations related to convertible notes, a new SEC filing revealed.
The agreement is part of the company’s ongoing strategy to manage liquidity while encouraging note conversions into common stock.
The Waiver Agreement involves holders of both secured and unsecured convertible notes issued under two separate Securities Purchase Agreements (SPAs) from August 2022 and May 2023.
In the report of the financial results, the company said it will “keep working to optimize operations to support sustainability” including “ongoing evaluations of current cost reductions and spending efficiency”.
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Written by Cláudio Afonso | LinkedIn | X