EV start-up Faraday Future (FFIE) inches one step closer to finally launching its flagship EV, the FF 91, after announcing Monday it has reached an agreement to resolve an ongoing dispute with its largest shareholder to fund production.
Faraday Future continues raising money for FF 91 launch
Faraday Future has faced endless delays as it prepares to begin production of its first electric vehicle, the FF 91. It’s been an uphill battle, to say the least.
The LA-based EV start-up has consistently pushed back launch dates as it seeks additional funding to keep the business alive. Faraday Future first claimed it would begin production of the FF 91 in 2018, and we still have yet to see the launch.
Ever since then, it’s been one hurdle after another for Faraday Future. The company has lost a few top executives to other EV start-ups and has been raising funds to keep the business alive for what seems like forever now.
In the company’s Q2 earnings, Faraday Future reported an operating loss of $137 million, up almost 400% from 2021, and $121 million in cash. However, the EV start-up noted it would need to raise $325 million in capital to continue operations with projected cash use of $368 million through the end of this year. It also said it would need additional funds to keep the business running by September.
The struggle has led some of Faraday Future’s top investors to question the company’s motive. Last week, the dispute peaked as FF Top Holding, Faraday Future’s largest shareholder, sued the EV start-up, citing that the company is “suffering from a crisis of leadership at the board level” and calling for several board members to be replaced.
Faraday Future has, nonetheless, kept the dream alive, insisting the FF 91 will begin production by the end of 2022. With Faraday Future resolving the monthslong dispute, the company has up to $100 million in new financing. Will we finally see the FF 91 hit the production line?
Faraday Future FF 91 Source: Faraday Future
Faraday Future settles dispute with new funding, board shake-up
Faraday Future announced it has agreed with FF Top Holding, according to a new 8K filing, to resolve the ongoing dispute, which includes new financing and the removal of two board directors.
As part of the agreement, the following changes will take place to Faraday’s board:
Brian Krolicki will step down as director.
Sue Swenson will step down as executive chair.
Faraday Future’s board has been expanded from nine to ten, with Adam He joining.
In addition, Faraday says it will receive $40 million in near-term funding from convertible notes and another $60 million from Senyun International (a subsidiary of Daguan International).
FF Top Holding will drop the lawsuit as a result. A spokesperson from FF Top stated:
FF Top is glad that a resolution has been reached. We look forward to this opportunity for a new start and brighter future for FFIE, and to all parties performing their obligations under the governance agreement, to achieve the best interests of Faraday Future and all shareholders.
Meanwhile, Dr. Carsten Breitfeld, Faraday Future’s CEO talks of the milestone, claiming:
The resolution of governance and related issues with our largest shareholder is a major accomplishment and an important step forward for Faraday Future and all our stakeholders. We can now focus our effort on building the FF 91. We appreciate all parties’ efforts in reaching this agreement.
Electrek’s Take
With another round of funding, will the FF 91 see the light of day? That’s what Faraday Future claims. Although we have heard this many times before, there’s reason to believe this time may be different.
With FF Top getting its way and removing two board members, the investing group may be more willing to work with the EV start-up. Faraday still says production will begin in the fourth quarter of this year. Should we believe them? I wouldn’t keep my fingers crossed, but the company is in a better position now with a new capital injection. More importantly, it isn’t wasting time and resources defending itself in court against its largest investor.
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This one’s pretty simple, kids – it’s exactly what it says on the tin: a Polestar 2 owner took to the Polestar subreddit this week claiming that the window glass in his new EV actually stopped a bullet from hitting him. Plus, he says he’s got the pictures to prove it. (!)
The brand may be evolving into its own, but the OG Polestar 1 and Polestar 2 were little more than hot electric versions of Volvo cars – and Volvo cars are known throughout the world for their secure, planted feel on the road and absolutely bananas high-tensile steel safety cages. As such, it should come as no surprise that the Polestar 2 is one of the safest sedans on the road today … but is the car really bulletproof?
That’s what one redditor is claiming after his window was hit by what they believed to be a stray bullet just five days after taking delivery.
Now, that was fun, sure – but it’s worth noting that a number of commenters claiming alternately that there’s no way this was a .22 caliber bullet (certainly not a .22 WMR) or that it was a stray shot from very far away. The consensus seems to be that a .177 caliber air gun pellet is most likely to blame, but my money is on a small piece of stone or gravel kicked up at a weird angle from a nearby vehicle.
Regardless, it seems like CptMerica29 is A-OK, and their Polestar 2 hardly seems worse for wear, either. Here’s hoping it’s the last time we have to have a debate about what kind of bullet was being fired at an EV driver for a long time.
If you’d like to try your hand at driving a Polestar 2 through a volley of flying debris and other assorted projectiles and letting us know how you do, click the link below to score a great deal on one near you (while you still can):
Disclaimer
I would like to believe this is obvious, but there’s a “do not use batteries as toothpaste” sticker on this pack of Duracell batteries for a reason, so I’m going to err on the side of caution here and tell any of you reading the above and taking it seriously that: I am kidding. That was a joke.
To be clear, it is my position that NO VEHICLE this side of a Mercedes-Benz EQS GUARD or Inkas Armored S Class is actually bulletproof – and that, yes, a .22 is a real gun with plenty of lethal stopping power and, also yes, a pellet gun can and has killed a lot of people. DO NOT SHOOT AT CARS, and do not sit in your cars and let others shoot at you if you can at all avoid it.
After about a month of speculation and subtle hints from industry insiders, American EV startup Slate has emerged from stealth to share its flagship model with the world. This simplified all-electric pickup arrives with over 100 accessories, a five-seat SUV configuration kit, and get this… crank windows. Even better, this no-nonsense pedigree of EV is priced refreshingly low, starting below $20,000 after US tax incentives.
As we pointed out last month, there was much more we didn’t know than we could confirm about a new EV brand called Slate. The American automaker was verified as an official business on LinkedIn as of March 5, giving us a sparse trail of breadcrumbs to follow to learn more.
According to the page, Slate had already established a team of 200 to 500 employees, and 46 additional open roles were listed. Some open jobs, such as plant manager and suspension engineer, hinted that Slate has been working on at least one EV.
Aside from promising “the next generation of innovation in the industry” (despite not confirming what industry), Slate’s website stated that we would learn more on April 24. We had heard rumblings that the Troy, Michigan-based startup was on the cusp of debuting a simple, all-electric pickup.
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However, that wasn’t confirmed until two days ago, when the first real-world images of the EV emerged ahead of Tesla’s earnings call. Our readers pointed out that “Slate” is an anagram of “Tesla,” which offers interesting fodder to the conspiracy theory scene at best.
While Slate’s name may be a tongue-in-cheek nod to reimagining an EV industry Tesla championed early on, the name seems more rooted in the fellow American company’s clean slate approach to EV design. From what we’ve now seen, Slate is breaking from the trend of other startups kicking off market entry with top-tier, luxe models starting in the $80-$100k range.
Instead, it has created a no-nonsense EV pickup that starts at a super low price, leaving the upgrades and customizations to the customer. Better still, if you US customers prefer a five-seat option, Slate also offers that. See below:
Slate debuts EV that can be 2-seat pickup or 5-seat SUV
Slate has officially arrived and, in my opinion, is a welcome breath of fresh air (because of no emissions, of course) to an American EV industry that is growing by the day, but has yet to reach critical mass in adoption.
Much of that struggle relates to pricing (not to mention lackluster local charging infrastructure). Most EVs are not affordable enough for the average consumer yet, and to get an electric pickup like Slate is now offering, for example, you have to opt for a model from Ford, GM, or Rivian that will cost at least $63,000 and will easily go up from there with added features like range.
Instead of coming out swinging against the big boys, Slate has dug itself a nice little niche in simplified affordable EVs that are modular and customizable. Slate’s first CEO, Chris Barman, elaborated:
The definition of what’s affordable is broken. Slate exists to put the power back in the hands of customers who have been ignored by the auto industry. It is a radical truck platform so customizable that it can transform from a 2-seat pickup to a 5-seat SUV.
Steel wheels, HVAC knobs, and crank windows – Slate is most certainly taking a clever approach to affordable US EVs for all. Designed to be “approachable and timeless,” the startup flagship model is truly a black slate canvas that puts the brush in the hands of its customers.
The company shared it will offer over 100 accessories, available a la carte or in a bundle, available from your initial order or years down the road. The dash also includes a universal phone mount with USB power, enabling you to use whatever smart device and OS you’d like. Have it custom wrapped by the Slate team or do it yourself, Slate is not only offering variety to customization, but also the process by which it is achieved.
Another example is Slate’s flat pack SUV Kit, which turns the EV pickup into a 5-seat SUV, complete with a roll cage, airbags, and rear seat. Again, you’ll have the choice to have Slate integrate it in Michigan or do it yourself, adding a bit of a DIY “gearhead” philosophy the EV segment has lacked since day one.
“But Scooter, what about specs?” Don’t worry my friends, we got you:
Dimensions:
Length: 174.6 inches
Wheelbase: 108.9 inches
Width: (w/o mirrors): 70.6 inches
Height: 69.3 inches
Pickup Interior Volume: 55.0 ft3
SUV Interior Volume: 80.5 ft3
Frunk Cargo Volume: 7 ft3
Bed Cargo Volume: 37 ft3
SUV Cargo Volume (behind seats): 34 ft3
Weights:
Curb Weight: 3602 lbs.
Max Payload: 1433 lbs.
Max towing: 1,000 lbs.
Power and Battery:
Powertrain: Single motor, RWD
Battery: 52.7 kWh (standard) or 84.3 kWh (add-on)
Power: 150 kW (201 hp)
Torque: 264 Nm (195 lb-ft)
Acceleration (0-60 mph): 8 seconds (est.)
Top speed: 90 mph
Charging and Range:
Onboard charger: 11 kW
Level 1 AC: 3.6kW / 20-100% in 11 hrs.
Level 2 AC: 11kW / 20-100% in under 5 hrs. Level 3 DC: 120kW / 20-80% in under 30 mins.
Charging Configuration: NACS
Standard Range (52.7 kWh) (est.): 150 miles
Large Pack Range ((84.3 kWh) (est.): 240 mi.
Combined city/highway (est.): 96 MPGe
BedDimensions (Pickup):
Bed width (between wheel wells): 42.9 inches
Bed Width Min./Max.: 50.0 inches /54.9 inches
Bed Length: 60.0 inches
Bed Length (Tailgate Down): 81.6 inches
According to Slate, its flagship EV will be sold directly to consumers and is available to reserve now with a $50 deposit. The trucks will be built in the US and start at an MSRP below $20,000 (after federal tax incentives). No timeline on when production may begin, but a representative for Slate told Electrek that initial customer deliveries are… slated to begin in Q4 2026. Not too shabby.
While we await more details regarding this new American brand, here’s a better look at Slate’s first EV from a video it provided below:
Source: Slate
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Earth Week may be winding to a close, but with electric vehicles being de rigueur at the busy west coast Port of Long Beach, it should come as no surprise that they’ve got put their EV fleet front and center at municipal events all week long.
The Port of Long Beach has been leading the charge for electrification and clean air for years, becoming a hot bed of electric vehicle deployment from terminal tractors to semi trucks to material handlers. Along the way, the busy port has found itself at the center of a number of highly visible DC fast charging hubs and hydrogen fueling stations, as well – becoming a quiet, clear-skied example of what an America port could and should sound and smell like.
One of those projects is the Long Beach Container Terminal (LBCT) in Long Beach, California has received a $34.9 million grant from the FHWA to replace 155 on-site commercial trucks and buses with zero-emission vehicles (ZEV). The grant will fund both the purchase of new electric trucks and the necessary charging infrastructure to support them.
To celebrate those achievements and further publicize the California port authority’s successful decarbonization efforts, the Port of Long Beach took to social media to highlight the variety of electric vehicles it employs.
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This Earth Week, we’re celebrating our progress towards a zero-emissions Port of Long Beach! 💨➡️🌳 A commitment to innovation is driving our clean air goals. Check out some of the Port’s new zero-emission vehicles, including the @LongBeachGP pace car! #TheGreenPort#EarthWeekpic.twitter.com/cb3J0DytRY
From the images shared (above), it looks like the Port of Long Beach fleet includes electric lawn mowers, street sweepers, parking enforcement vehicles, and the more expected work trucks and SUVs like the Chevy Silverado EVs, Ford E-Transit vans, and Acura ZDX. Which, hey – if they’re good enough for one of the hard-working port authorities in the country, these EVs might be good enough for your business.
Electrek’s Take
Port of Long Beach EV fleet; via Port of Long Beach.
Not really – but the Port of Long Beach is a standard bearer in the electrification movement, having advanced the art of both battery-electric and hydrogen fuel cell projects in recent years both by providing a ready market for manufacturers to sell into and by proving, beyond question, that EVs are up to any challenge the freight and logistics industries can throw at them … and do so quietly and cleanly, too.
As such, I think they deserve their victory lap. I’m just the guy who gets to give it to them.