Palantir-Backed Faraday Future Delays Deliveries Of Flagship EV Again, Seeks Funding

California-based EV firm Faraday Future Intelligent Electric Inc FFIE on Thursday further postponed the delivery timeline of its FF 91 vehicles after certain suppliers flagged its inability to meet the company’s timeline.

What Happened: Faraday Future will commence reservations for its FF 91 vehicles in late May, the company said in a statement on Thursday. Those who reserve will take possession of the vehicle in the second phase of the three-phase delivery process, expected to commence at the end of the second quarter.

However, the fresh timeline is subject to the company receiving additional funding in time.

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The company would require “substantial additional financing” to commence the second and third phases of its three-phase delivery process and is in discussions with additional potential investors, the statement said.

According to the update provided by the company during its annual results in March, FF 91 vehicles were expected to commence production on March 30 with the first vehicles coming off the assembly line in early April. Customer deliveries were expected to commence by the end of April.

Faraday Future, backed by data analytics company Palantir Technologies PLTR, initially planned to begin production of the FF91 electric vehicles in the spring of 2022 and deliveries in late 2022.

Price Action: Shares of Faraday Future closed 13.35% higher at $0.31 on Thursday and added 0.97% in extended trading, according to data from Benzinga Pro.

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Photo courtesy: Faraday Future