Faraday Future (FF) says it is launching trial production of its new FX Super One electric vehicle at their Hanford plant now. Photos released by the LA-based start-up show a production line in place.
In a release, the company says this phase is primarily focused on planning and verifying production processes, operational workflows, and quality standards. In parallel, engineers and production staff at the Hanford factory are undergoing specialized training to support production readiness.
Following this phase, the company will proceed with comprehensive vehicle engineering of the new vehicle, which includes extensive safety testing and validation.
The FX Super One was unveiled on July 17 in Los Angeles aimed at competing with models such as the Cadillac Escalade.
Faraday Future’s current 1.1 million-square-foot manufacturing and production facility in Hanford, California,” has approximately $300 million invested so far in the multi-use facility, and with additional investment and permitting, could become capable of producing more than 30,000 vehicles annually,” the company claims. The facility would support mixed-line manufacturing or assembly for multiple models.
Past predictions
When the company launched their Hanford manufacturing plant back in 2017 they predicted it would employ up to 1300 workers and produce up to 10,000 cars annually. Almost 9 years later the huge facility – the former Pirelli tire plant, sits mostly quiet.
In recent months, the company completed a new round of financing commitment totaling $105 million, which is expected to nearly cover the launch of the FX Super One.
The new model that features an interactive grill that shows videos has attracted some positive attention after years that the company appeared to be stuck in marketing only a very high-end electric vehicle costing $300,000 and selling only a handful of the cars.By contrast the projected price of the Super One vehicle starts below $100,000 and possibly less.
The Super One is said to be modeled after a very similar vehicle built in China. Indeed the parts for the new FF model are being shipped in from China to be assembled in Hanford. The company has lobbied Washington to look kindly on the effort.
Faraday Future stock on the NASDAQ has inched up in recent months, but is still down about 30% year today at $2.77 a share.The company suffered a 2024 net loss of $355.8 million.
Regulatory problems
In other news in mid July, The Securities and Exchange Commission (SEC) sent letters to Faraday Future founder Jia Yueting and president Jerry Wang, writing that they may soon face enforcement actions from the SEC as the result of a three-year fraud investigation.
Details are from one press account in TechCrunch
The letters, known as “Wells Notices,” state that the commission’s staff has made an internal determination to recommend an enforcement action against the electric vehicle company, the two executives, and two former employees who weren’t named, according to a regulatory filing published Wednesday.
Faraday Future wrote in the filing that the SEC is focused on “purported false and misleading statements” related to the company’s 2021 merger with a special purpose acquisition company (SPAC). The SEC may seek “an injunction or cease-and-desist order against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, disgorgement or other equitable relief within the Commission’s authority, or any combination of the foregoing,” according to the filing.
The company also said in the filing that they — along with Jia and Wang — “plan to engage with the Commission staff about why an enforcement action is not warranted.”
FF pics