Faraday to lease former Pirelli plant for first vehicle

  • Faraday to lease former Pirelli plant for first vehicle

Faraday to lease former Pirelli plant for first vehicle

The new manufacturing facility has some one million square feet (90,000sq m) and will employ up to 1,300 workers once production is ramped up. The company says Hanford is an ideal location for building electric cars, being halfway between the two largest EV markets in the country-San Francisco and Los Angeles. The site is roughly 200 miles north of Faraday Future's Los Angeles headquarters and if all goes to plan will be churning out cars at an initial rate of 10,000 per year.

Faraday Future has revealed only scant details about its organisation and financing.

The move comes after Faraday in July was forced to halt construction of a planned $1 billion facility in a barren industrial park north of Las Vegas. Italian tire-maker Pirelli bought the factory in 1985, but shut it down in 2001.

The plant was opened originally in 1962 by Armstrong Rubber Co. This weekend, the electric vehicle manufacturer invited its employees out to the site to help "begin the process of site clean-up and embrace the company's new manufacturing home", according to the company press release.

"We know there is a lot of work and risks ahead, but this event represents a major step forward for the company", Stefan Krause, chief operating officer/chief financial officer, said in the release. The Gardena-based luxury electric vehicle start-up recently raised almost $14 million in emergency funding. Faraday recently secured a $14 million rescue loan from NY investment firm Innovatus Capital Partners, putting up its own headquarters as collateral. The total cost of the loan was not made public.

"Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018", Dag Reckhorn, Faraday's vice president of global manufacturing, said in a statement. The FF91 is an electric autonomous vehicle aimed to take on the likes of Tesla Model X. It also did an impressive run at the 2017 Pikes Peaks Hill Climb. The company says it hopes to be making cars by the end of next year.