Because building electric vehicles costs lots and lots of money
By Gary S. Vasilash
This doesn’t sound good:
“LOS ANGELES–(BUSINESS WIRE)–Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, filed a Form 12b-25 notifying the SEC that it is unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 within the prescribed time period, and does not expect to file it by the extended filing date pursuant to Rule 12b-25. The Company is also unable to file its amended Registration Statement on Form S-1 (File No. 333-258993) (the “Form S-1/A”) at this time.”
But maybe that’s just a financial maneuver that has little to do with the actual development of the FF 91 vehicle, which the company says it “remains on track” to deliver to initial customers in July 2022.
However, the company has established a “special committee of independent directors to review allegations of inaccurate disclosures.”
Meaning financial things gone potentially awry.
The company is building a plant in Hanford, California, for the vehicle. It says that during Q3 it completed its first major milestone there, which is the installation of pilot equipment in the pre-production build area. It seems that if they’re going to be delivering production vehicles in little more than eight months, the “pilot” and “pre-production” are going to have to give way to the actual stuff.
And after Q3 it hit its second milestone, obtaining its “Certificate of Occupancy, which allows the Company to begin building additional pre-production vehicles for final testing and validation.”
The company is taking reservations for the FF 91 Futurist, which it descrbies as its “class defining, 1,050 hp and a revolutionary user experience designed to create a mobile, connected and luxurious third internet living space.”
Except for the 1,050 hp, it sounds like a cross between an Airstream and a Starbucks.