Cash-strapped EV startup Faraday Future Intelligence Electric (NASDAQ:FFIE) has recently made a strategic move by exercising its option to purchase its manufacturing facility in Hanford, California. Simultaneously, the company completed a sale-leaseback arrangement, injecting up to $12 million of non-dilutive capital to support ongoing plant improvements and infrastructure enhancements.
Move’s Motive: The goal is to facilitate increased production capacity further, the company said, particularly for the upcoming FF 91 2.0 Futurist Alliance.
The Hanford manufacturing facility, once fully built out, is expected to possess the capacity to produce approximately 10,000 vehicles annually.
Matthias Aydt, the Global CEO of FFIE, ...