The troubled electric vehicle startup Faraday Future continues to remain hopeful despite its founder Jia Yueting (YT) filing for bankruptcy under Chapter 11 in the United States. The company in an official statement had said that the move was “to address his personal debts in China”.
Following the recent appointment of Dr. Carsten Breitfeld as FF’s new Global CEO, the company has hired Bob Kruse as Senior Vice President of Product Execution (Engineering and Manufacturing). Breitfeld is, of course, the co-founder of Byton, and was with the BMW Group for a long time. Kruse on the other side was with GM for a long time and later worked for Karma Automotive as well for two years.
Additionally, Benedikt Hartmann, will be joining FF as Senior Vice President of the Global Supply Chain in January 2020. He comes to FF with over 30 years of experience at BMW, where he was responsible for the entire global supply chain of BMW-Brilliance (BBA) for 3 years.
“I am excited to announce that in addition to Kruse and Hartman joining FF, we also have commenced the search for a CFO and have identified a number of potential candidates,” the new CEO Breitfeld said.
Remaining hopeful..
FF is seeking a funding of $850 million. The company is also targeting an IPO within 12-15 months following the conclusion of equity financing. According to a new plan, the FF 91 deliveries can happen in approximately 9 months following the closing of successful equity funding. The company claims to have a facility in Hanford, California, to produce the vehicle. Apparently, the FF 91 is very close to final production and 92 percent of the parts have been sourced.
“I’m confident that with this new leadership initiative I’m implementing, along with the retention of a talented core of executives, FF will continue to build upon the original vision of FF and successfully build unique products,” added Carsten.
Another #FaradayFuture breakthrough – our pre-production #FF91. Read more here: https://t.co/FdyQeCF41z. #ElectricCar #Automotive pic.twitter.com/8O5Oo8fVZP
— Faraday Future (@FaradayFuture) August 29, 2018
In August 2018, FF threw a party for completing the first pre-production model. However, the company is not accepting any reservations at the moment.
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