Faraday Future announces new California manufacturing facility
Faraday Future (FF) signed a lease on its new manufacturing facility and began the process of cleanup to prepare the site for the move in of manufacturing equipment. The facility marks another step forward for the company in delivering its first production vehicle, the FF 91 electric vehicle (EV), to market by the end of 2018.
Faraday Future recently announced that it was shifting its manufacturing focus to a turnkey facility that offers a faster path to production. The new production facility, located in Hanford, CA, is strategically located between the country's two largest EV markets, Los Angeles and Silicon Valley.
"We know there is a lot of work and risks ahead, but this event represents a major step forward for the company," said Stefan Krause, COO/CFO, Faraday Future. "Investors invest in people, and our employees continue to be Faraday Future's strongest asset. As we begin this next phase in our company's history, our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users who have shown exceptional patience and resilience through the company's difficult times."
On August 5, more than 300 Faraday Future employees and supporters voluntarily drove from Los Angeles to Hanford to begin the process of site cleanup, and embrace the company's new manufacturing home. State of California, City of Hanford, and Kings County officials were also onsite to welcome Faraday Future to its new production facility.
"The future of zero emission production is in California," added Panorea Avdis, Director of the Governor's Office of Business and Economic Development. "Faraday Future's announcement today is another step toward realizing Governor Brown's goal of adding one and a half million zero emission vehicles on the road by the year 2025. When Faraday Future achieves its goals, the State of California achieves ours, and our office will continue to assist the company's needs to grow and expand, as we have from day one."
Dag Reckhorn, Faraday Future's VP of Global Manufacturing, is spearheading all strategy and execution behind the new Hanford site. "Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018," said Reckhorn. "Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone."
Under Faraday Future's new leadership team, helmed by Krause (former CFO and board member of Deutsche Bank and BMW Global CFO) and Ulrich Kranz (former Sr. Vice President at BMW, responsible for the successful launch of i8, i3, Z3, and X5) in their roles as COO/CFO and CTO, respectively, the company is driving strategic changes to get Faraday Future investible. This new production facility establishes the best path forward for the company's manufacturing plans, and focuses on building out the company's network of investors to diversify FF's funding strategy.
After Saturday's event, Faraday Future will continue the process of site preparations, including planning, refurbishment, and permitting. Following the move-out of current tenants in late November, the company expects significant movement to ramp-up on site in early 2018. Faraday Future's new manufacturing facility is 1,000,000 square feet (92,900 square meters) and will ultimately employ up to 1,300 workers.