-July 28,2022-
According to a recent Securities and Exchange filing,Hanford electric car maker Faraday Future is delaying the start of production and deliveries of their high -end EV to later this year. Production and deliveries are now put off until the third or fourth quarter of 2022. The company cited supply chain issues although they also added they needed to raise funds for production.
Becky Roof,Interim Chief Financial Officer said in a statement July 25 that the” company is continuing to engage in confidential discussions and negotiations with certain potential investors regarding a potential financing transaction to raise additional capital to fund production activities through the end of 2022 and beyond.”
“The Company needs additional cash to commercially launch the FF 91, and is currently seeking to raise additional capital to fund its operations through December 31, 2022. The Company’s cash needs after the launch of the FF 91 will depend on the extent to which the Company’s actual costs vary from the Company’s estimates..”
Faraday Future is in talks to raise more than $200 million to fund production activities until year-end and beyond, it said in their regulatory filing. The need for an influx of cash is a reversal of an earlier statement last month that the EV start-up would be able to launch its flagship model without additional funding. In past statements the company said production was to start by this month.Photos show most of the manufacturing equipment is in place in the Hanford factory.
Hanford has seen 18 days above 100f in row in July with some small relief coming. But a NWS spokesperson says this is not a record and that 19 times we have seen 18 days or more consecutive 100 degree days.There have been twenty-seven days of triple digit heat in Fresno and Bakersfield so far this year.
Kings Co budget numbers:This year’s King County budget is $412,024,153 or $20.3 million less than last year. The General Fund Budget is $317,624,017, or approximately $2.98 million less than last year’s budget of $320,622,846 million. Kings property tax revenue is $43 million- up from $40.7 million in 2020.Sales tax revenue is down over that period from $4.4 million in 2020 to $4 million this year. TOT is up from $246,000 in 2020 to $340,000 in the 22/23 budget.
Wall St Journal says “ travelers who wondered if they’d ever see cheap airfares again on non-discount airlines can breathe a little easier. Lower fares are returning this fall.Summer vacations didn’t come cheap for many Americans. Airfares soared as families flocked to airports for trips postponed by the Covid-19 pandemic. Now, not only are fall deals surfacing, but the gap between summer and fall fares is wider than usual. If current trends hold, even better deals could come along for those who wait, travel analysts say.”
Monterey County is one of the first counties to release their annual crop report for 2021. The report says strawberries again were the number one crop valued at $953 m vs $912 m in 2020. Santa Barbara also released their 2021 crop report and strawberries too were number one. Monterey is one of the few counties that reports their cannabis crop value that was up in 2021. Valued at $618 m vs $484m in 2021 the pot crop was number 3 behind number 2 head lettuce at $741m.
RV sales are slowing from their record pace last year. Winnebago expects retail RV sales to likely fall 17 percent this year compared to last.The RV Industry Association has revised its forecast for wholesale shipments, predicting an 8.4 percent drop in 2022 compared to 2021, although shipments hit a record high last year.
What the Hay? Corn prices are down this summer but not hay – key forage for diaries and horse ranches. Amid drought in the West, forage costs continue to climb, says Milk ProducersCouncil. According to the Hoyt Report, premium quality alfalfa delivered to dairies in California’s Central Valley commanded an all- time high of $455 per ton last week, up from $282.50 a year ago.
If you buy gas at Costco you may be saving an average of 37 cents a gallon. Costco Wholesale could sell $30 billion of gasoline in its fiscal year ending in August, with about $25 billion in the U.S., according to Richard Galanti, the company’s longtime chief financial officer. The company sold a total of $17 billion of gas in fiscal 2021.