Faraday Future Financials

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.

Munro & Faraday’s Future

Will this design-for-manufacturing expert consultancy put Faraday on the road?

By Gary S. Vasilash

Sandy Munro, of Munro & Associates, has long been known in the Detroit area for his always relevant and sometimes strident analyses of motor vehicles. For the past few years Munro has become more widely known (and as much of a YouTube star as someone who does things like assess manufacturability and cost reduction opportunities can be) for his work on electric vehicles. He has become an expert on the ways and means Tesla produces its vehicles, which has resulted in Munro being a go-to for those who want to do a better job of execution.

But at the end of the day, he and his team are suppliers. And rarely do vehicle manufacturers talk about their suppliers.

After all, OEMs know everything. . .don’t they?

So it comes of a bit of a surprise that Faraday Future Intelligent Electric Inc., which revealed the FF 91 at the 2017 CES to much attention and levels of acclaim, has announced that it has engaged with the consulting firm.

Carsten Breitfeld, CEO of Faraday Future Global (yes, a different name than the aforementioned but part of the same outfit), announced, “We are excited to work with Munro & Associates, who has a tremendous amount of experience in the electric vehicle space and has a highly respected reputation within the industry.

“We are grateful to be on the right track in our production of the FF 91 Futurist and to have the support and opportunity to co-create our products and technologies with this esteemed firm.”

(Yes, the “FF 91” is now the “FF 91 Futurist.”)

Clearly Munro has gained significant traction in this space.

And the FF 91 Whatever-it-will-be-called-when-it-hits-production will be the better for that profound knowledge that Munro & Associates will bring.