Faraday Future To Go Public As Luxury Electric Vehicle With 'Spa Mode' Due Soon

[TruckElectric]

Faraday Future will debut via a blank-check deal in a still-hot market for EV stocks, as the debut of its first highly anticipated electric vehicle looms.

A reverse merger with blank-check company Property Solutions Acquisition Corp. (PSAC) values Faraday at $3.4 billion. The deal provides $1 billion to support the production and delivery of the FF 91, within a year of the merger closing, the companies said in a statement.

The transaction is set to close in the second quarter. The combined company will trade as Faraday Future under the ticker FFIE.

Founded in May 2014, Faraday's first EV, the ultraluxurious FF 91 promises to be both electric and highly autonomous, and has already attracted 14,000 reservations.

The EV startup touts 300-plus miles of range as well as high-end features, such as "zero gravity seats" and a cabin that's a "third Internet living space," for a reported $150,000-$200,000 sticker price.

In mid-January, early reviews of a production version of the FF 91 electric SUV highlighted facial recognition in every seat that enables personalized temperature and media settings; 11 screens including a 27-inch screen in the back seat that descends from the roof; and a "spa mode" where lights dim and the fully reclined seats massage passengers.

By 2024, Faraday eyes two more EVs for the mass market. It also plans to launch a commercial electric vehicle for last-mile deliveries in 2023, an increasingly competitive space where Tesla(TSLA) and General Motors (GM) and Ford (F) are ramping up.

SOURCE: INVESTORS BUSINESS DAILY

 

[Frankenblob]

Sandy Monroe appears to be impressed as he is gonna do a show on one.
Not sure when tho.

 

[TruckElectric]

Sandy Monroe appears to be impressed as he is gonna do a show on one.
Not sure when tho.

I watch SM vids and missed that. I will be sure to watch it when he does do one.

FF is slow getting started. I remember reading about them in 2013-14 I think.

 

[TruckElectric]

The company is now in bed with auto giant Geely and is expected to raise over $1 billion



A lot of automakers have been on the brink of bankruptcy. Some recover, some don’t. The most recent ones are Nio, Fisker, and Faraday Future. Nio launched a few vehicles, including the ET7 which was launched a few weeks back and has received raving feedbacks. Fisker launched the Ocean SUV last year and it looks like a winner already. But, Faraday Future hasn’t been able to turn around its fortunes.

The Faraday Future’s story has all the elements that could make for a nice movie. The latest chapter says that the company is planning to reach out to the public to pool in the money. How, you ask? Three alphabets – IPO.

THE CASH-STRAPPED AUTOMAKER PLANS TO RAISE $1 BILLION


More than the plan, it’s about the courage to try to revive the company despite going through the slumps for a very long time now. And, this kind of courage can happen only if you have blessings from a cash-rich investor. Yes, Faraday Future has gotten into the bed with one of the biggest Chinese car manufacturers, Geely.

Both the companies have reached an agreement to share Geely’s technology and engineering services to build FF cars. The former has also taken a minority stake in Faraday Future.

Faraday Future’s partnership with Geely came to light just a day after the company announced that it’s going public via a reverse merger with a special purpose acquisition company and is expecting to raise $1 billion


For those of you wondering what a reverse merger is, it basically means that the private company (in this case, Faraday Future) is actually by a publicly-listed company that formed solely for this purpose. The special purpose acquisition company here is called Property Solutions Acquisition Corp. Faraday Future will be listed on NASDAQ under the “FFIE” ticker.

Earlier this year, Geely announced that it is collaborating with Foxconn to establish a new contract manufacturing division to build cars and parts, and offer consulting services to other companies. Faraday Future will look to tap into this and utilize it to its full potential.

DOES THIS MEANS FF CARS ARE ARRIVING SOON?


While this is good news and could give a new lease of life to Faraday Future, it is still far from manufacturing and delivering cars.

The company noted that the money raised will be used to develop the FF91 and self-driving technology, but it could take up to 12 months after the merger deal is closed.

The SUV will be built at the company’s plant in Hanford California, but Faraday Future might explore its options to build it in South Korea via a contract manufacturer or in China.

Apart from the FF91, the company will also work towards its other affordable projects, the FF71 and the FF81. The company is aiming for a 2024 and 2023 release, respectively, for them. It has received over 14,000 bookings for the FF91 and plans to roll out 400,000 vehicles over the next five years. But, given its history, don’t hold your breath over it.

WHAT’S THE FF91 ALL ABOUT?


Speaking of the FF91, the specs, when announced, were mind-blowing. But, the way the EV segment is maturing, it doesn’t stand out anymore. Don’t get me wrong; they’re still impressive, but we’ve seen better stuff now. The FF91 is expected to churn out 1,050 horses from its powertrain. It will be powered by a 130 kWh battery pack that is expected to deliver an EPA-estimated range of 378 miles. Using a DC charger, it can charge at rates of up to 500 miles every hour!

The FF91 will sprint to 60 mph from rest in just 2.4 seconds and achieves maximum torque in 50 milliseconds.

It will also be an autonomous vehicle and will come with 10 front and rear cameras, 13 long- and short-range radars, 12 high-performance ultrasonic sensors, and a high-definition 3D LiDar. Other interesting stuff includes Driverless Valet Parking, Facial Recognition Technology, and so on.

In terms of dimensions, it’s not a small SUV. It will be 206.7 inches long, 89.9 inches wide, 62.9 inches tall, and will have a 126-inch wheelbase.

Faraday FF 91 specifications

Horsepower	1,050 HP
Battery	130 kWh
EPA-estimated range	378 miles (500 milrd with DC charger)
0 to 60 mph	2.4 seconds
Length	206.7 inches
Width	89.9 inches
Height	62.9 inches
Wheelbase	126 inches

SOURCE: TopSpeed

 

[rr6013]

Truck

Faraday Future will debut via a blank-check deal in a still-hot market for EV stocks, as the debut of its first highly anticipated electric vehicle looms.

A reverse merger with blank-check company Property Solutions Acquisition Corp. (PSAC) values Faraday at $3.4 billion. The deal provides $1 billion to support the production and delivery of the FF 91, within a year of the merger closing, the companies said in a statement.

The transaction is set to close in the second quarter. The combined company will trade as Faraday Future under the ticker FFIE.

Founded in May 2014, Faraday's first EV, the ultraluxurious FF 91 promises to be both electric and highly autonomous, and has already attracted 14,000 reservations.

The EV startup touts 300-plus miles of range as well as high-end features, such as "zero gravity seats" and a cabin that's a "third Internet living space," for a reported $150,000-$200,000 sticker price.

In mid-January, early reviews of a production version of the FF 91 electric SUV highlighted facial recognition in every seat that enables personalized temperature and media settings; 11 screens including a 27-inch screen in the back seat that descends from the roof; and a "spa mode" where lights dim and the fully reclined seats massage passengers.

By 2024, Faraday eyes two more EVs for the mass market. It also plans to launch a commercial electric vehicle for last-mile deliveries in 2023, an increasingly competitive space where Tesla(TSLA) and General Motors (GM) and Ford (F) are ramping up.

SOURCE: INVESTORS BUSINESS DAILY

@TruckElectric has started several threads on brands other than Tesla.

”Ignore”

 

[TruckElectric]

Truck

@TruckElectric has started several threads on brands other than Tesla.

”Ignore”

Let me guess, you want to be another Jim Jones, right?

 

[FutureBoy]

Jim Jones

Where "drinking the Kool-Aid" originated. What flavor do we have on tap today?

Also... did Kool-Aid sales take a hit because of Jim Jones?

 

[TruckElectric]

Where "drinking the Kool-Aid" originated. What flavor do we have on tap today?

Yep.

Also... did Kool-Aid sales take a hit because of Jim Jones?

That is going back too far to remember.

 

[Crissa]

Also... did Kool-Aid sales take a hit because of Jim Jones?

Yes.

But it's ironic, because they were too cheap to use Kool-Aid, they used Fla-vor-aid.

-Crissa

 

[Newton]

I stand by what I said like 6 months ago,i think the only ev's we will see in quantity is from tesla, rivian and the established car makers.

of course there will be boutique, small quantity makers... super cars, and trucks, or super high range one or 2 people movers

I would be very interested in seeing what the chinese ev's are like, I hear they are pretty well being mass produced and not horrible vehicles

 

[MEDICALJMP]

Yes.

But it's ironic, because they were too cheap to use Kool-Aid, they used Fla-vor-aid.

-Crissa

Why buy the good stuff? After drinking it nobody would be left around to complain. Score!

 

[MEDICALJMP]

I stand by what I said like 6 months ago,i think the only ev's we will see in quantity is from tesla, rivian and the established car makers.

of course there will be boutique, small quantity makers... super cars, and trucks, or super high range one or 2 people movers

I would be very interested in seeing what the chinese ev's are like, I hear they are pretty well being mass produced and not horrible vehicles

One company sells an Econo-box EV for $5,000. It is tiny, tiny. Has no airbag. If you hit anything bigger than a opossum you’ll total the car.


The Hongguang MINI EV, made by SAIC-GM-Wuling Automobile Co., is currently the hottest EV in China, the world’s biggest automobile market. Sales of the compact four-seater beat industry giant Tesla Inc. in August, with consumers wowed by its tiny price tag -- the EV retails for between 28,800 yuan ($4,230) and 38,800 yuan -- and its ability to run for as many as 170 kilometers (106 miles) on a single charge. Orders exceeded 30,000 units in just 50 days.

 

[Crissa]

One company sells an Econo-box EV for $5,000. It is tiny, tiny. Has no airbag. If you hit anything bigger than a opossum you’ll total the car.

And another sells one so close to a Tesla, they stole the software at one point.

There is quite the variance in the market. That neighborhood EV sells more than Tesla in the Chinese market.

-Crissa