The saga of Faraday Future and its flagship EV, now referred to as the FF91 Futurist, continues. The long-running, almost enigmatic startup has come out today and announced another fresh round of funding to keep the company going. Better yet, Faraday Future is targeting a start of FF91 production in March with deliveries to follow in April. However, a lot still needs to solidify financially before those EVs potentially… finally, roll off of the assembly line.
If you’re engaged at all in the EV world, it would come as a surprise if you haven’t at least heard of Faraday Future ($FFIE). As a California-based EV startup founded all the way back in 2014, FF serves as an exemplar in how not to do business, but also as a confounding symbol of endurance.
We’ve seen dozens and dozens of EV startups rise, stumble, and dissolve into the ether of irrelevance in the time since Faraday Future was founded, and the company continues to fight into year nine of bringing its very first vehicle into production.
This past February, we got a glimpse of the production-intent FF91 Futurist in action, and by August, the startup was expecting deliveries by year’s end. However, an investor dispute quickly sent Faraday Future veering off into more familiar territory off the rails… at least briefly. By September, the dispute was settled, and FF was touting $100 million in additional funding to approach start of production.
That brings us to today. Faraday Future is now claiming to have the acquisition of $150–$170 million of additional capital in the works, on its way to starting FF91 Futurist production in March. But there’s a big asterisk we all need to keep in mind.
Faraday Future aims for March production… maybe?
According to a press release today, Faraday Future is on track to begin production at its “FF ieFactory California” in late March 2023, followed by first customer deliveries in April. All thanks to a huge chunk of capital from existing investors as well as potential new investors. Are you starting to notice some of the distinct verbiage used by FF here?
So far, the EV startup has received a draft of a $30 million binding letter of intent from a current investor, which still requires board approval and “certain conditions including the negotiation and execution of definitive documentation.”
Uh… okay.
But what about the other $110–$140 million? Well, that depends on the timely availability of those funds, which are expected, but not confirmed. The very bottom of the press release paints Faraday Future’s financial situation on its route to production best:
No assurance can be provided that the Company’s ongoing financing discussions with existing and potential new FF investors will result in binding commitments in a timely manner or at all. The Company’s plans with respect to additional funding assume stockholder approval of an authorized share increase by the end of January 2023. The Company intends to file a preliminary proxy statement and pursue stockholder approval of an authorized share increase in the near-term, but no assurance can be provided that such stockholder approval will be obtained in a timely manner or at all.
There it is.
So the $30 million is a draft of binding commitment that is not yet an official document and will be subject to a myriad of measures and conditions, and that’s still Faraday Future’s most concrete financial commitment at this point. Another apparent strategy is also to increase shares of the company, which will again require other people’s approval and is by no means confirmed.
We’re not saying Faraday Future can’t pull this off. If they’ve proven anything in the past decade, it’s that it can survive just about anything. But there’s a difference between eking by and producing. And at this point, given Faraday Future’s rollercoaster of an existence, we will have to physically see the FF91 in production before we actually believe. Let’s hope they continue to prove the world wrong.
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Despite back-to-back record sales months, GM said on Thursday that it’s now planning to build fewer electric vehicles, including the new Chevy Bolt EV that’s not even out yet. GM’s sudden shift comes as it prepares for what it calls “irrational” EV discounts to expire at the end of September.
GM cuts EV production as drastic discounts expire
GM sold over 21,000 electric vehicles in August, the most it has ever sold in a single month. Although that’s nearly double the 10,671 crosstown rival Ford sold last month, it apparently isn’t enough.
In a memo sent to employees, GM announced plans to reduce output at its Spring Hill, Tennessee, plant. A source close to the matter confirmed the news to Reuters, claiming GM will halt production of two Cadillac EVs, starting in December.
The Cadillac Lyriq and larger Vistiq, both of which are built at the facility, will see significantly less output during the first five months of 2026.
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According to the source, GM plans to suspend one of its two shifts at the facility, resulting in layoffs for workers on the second shift.
Cadillac ESCALADE IQL electric SUV (Source: Cadillac)
In what could be even bigger news, the source said GM is delaying the start of a second shift at its Fairfax assembly plant outside of Kansas City “indefinitely,” where the new Chevy Bolt EV is scheduled to enter production later this year.
GM said it was “making strategic production adjustments in alignment with expected slower EV industry growth and customer demand.”
GM plans to build a “next-gen affordable EV) in Kansas (Source: GM)
After reporting August sales numbers, the company said it expects to see strong EV demand in September, but after the $7,500 federal tax credit expires at the end of the month, it expects a slowdown in the fourth quarter.
“We are seeing marginal competitors dramatically scale back their products and plans, which should end much of the overproduction and irrational discounts,” GM said. Although it anticipates a smaller EV market, GM still believes it can grow its market share.
2026 Cadillac Vistiq electric SUV (Source: GM)
The news comes after GM announced last week that it plans to slow production of the GMC Hummer EV and Cadillac Escalade IQ at its Factory Zero plant in Detroit.
Electrek’s Take
Through the first eight months of the year, GM remains the second-best-selling EV maker, behind Tesla. The Chevy Equinox EV, or “America’s most affordable 315+ range EV,” is expected to be the third most popular EV in the US in 2025, trailing only the Tesla Model Y and Model 3.
Later this year, we should get our first look at the new Chevy Bolt EV, which could be an even bigger hit. GM now offers an EV in nearly all segments, including entry-level, pickups, SUVs, and luxury.
Cadillac claims to be the leading luxury EV brand in the US, but that doesn’t include Tesla. With plans to slow output, it could open the door for other brands, like Hyundai, Kia, Volvo, and others, to gain ground.
Looking to lock in the savings while they are still available? You can use the links below to find Chevy, Cadillac, and GMC models in your area.
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Rad Power Bikes has launched its Fall Savings Sale through October 1, which is offering select discounts and a bunch of free extra battery bundles on new and legacy e-bikes. That’s not all, as you can also get a free Just-in-Case Kit ($316 value) with select models (all that is laid out below the fold) and discounted batteries for those already riding the brand’s e-bikes. Among the models getting a free extra battery for double the mileage is Rad Power’s new RadRunner Cargo Utility e-bike at $1,499 shipped and RadRunner Plus Cargo Utility e-bike at $1,799 shipped, which are both getting a free 10Ah Safe Shield Battery ($449 value) – just be sure to add both to your cart for the automatic discount to be applied. These new models hit the market back at the end of April and have only seen smaller bundle packages attached in past sales, with this not only being the first time we’re seeing extra batteries offered with your purchase, but these are the biggest bundles to be attached to date. Head below for more on these e-bikes and the other deals we see during this sale.
Starting with this new series’ standard model, Rad Power’s base RadRunner e-bike, along with the Plus model, is a refreshed variation that continues providing simplicity while still not shying away from improving on its predecessor’s design. It’s been equipped with a 750W rear hub motor that works with the 624Wh SafeShield battery to hit 20 MPH top speeds for up to 55+ miles (110+ miles with extra battery) of pedal-assisted travel. What’s really great here is the 320-pound payload that allows for plenty of cargo hauling for riders of smaller sizes/weights, while still providing commuting support for larger folks. Among its features, you’ll find a Gemma Hydraulic GA-950E brake system, puncture-protected multi-surface tires, a color display, an LED headlight and integrated taillight with brake lighting, auto ambient light sensor, daytime flashing lights, memory setting, 4 lighting modes, and more.
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On the flip side of the series, the Rad Power RadRunner Plus e-bike sports the same motor and battery combo, hitting the same speeds and travel range when its five pedal-assistance levels are activated. The big difference, in terms of its travel support, is that this model (and the advanced Max model) comes compatible with the new Range Extender, which allows for both batteries to be connected simultaneously, as opposed to needing them to be switched out like the above model. This Plus variation comes with a rear cargo rack that has a removable passenger seat (and 120-pound payload), retractable foot pegs, and a protective wheel skirt, so offering rides can begin immediately. There are also the smarter features, like the passcode access protections, joining the lineup of physical upgrades including a front suspension, hydraulic disc brakes, puncture-protected all-terrain tires, a color display with a USB port, and more.
Rad Power’s Fall Savings Sale e-bike discounts/battery bundles:
Rad Power free Just-in-Case kit bundles (add both to cart):
compatible with RadRunner 3 Plus, RadRover 6 Plus, RadCity 5 Plus, Radster Road, and Radster Trail
EcoFlow is providing a 57% discount on its DELTA Pro 3,600Wh power station to new $1,597 low
EcoFlow is offering a special promotion for the best price yet on its DELTA Pro Portable Power Station at $1,597.06 shipped, after using the promo code EFAFD6 at checkout for an additional 6% off, which beats out the current Amazon pricing by $202. This model carries along a $3,699 MSRP, though we usually see it starting around $2,799 over at Amazon, with discounts having taken things as low as $1,694 there, while some direct sales from the brand have dropped things as low as $1,614 thanks to extra savings codes. While this promotion lasts through September 21, you’ll be getting a 57% markdown off the MSRP that saves you a grand total of $2,102 off that same high rate and lands it at a new all-time low price.
ALLPOWERS’ new two-pound airline-approved SOLAX P100 99Wh power station gets first savings to $69
ALLPOWERS is offering the first chance at savings on its latest SOLAX P100 Portable Mini Power Station for $69 shipped. This all-new compact charging solution just hit the market last month and normally carries a $199 price tag outside of discounts. As I mentioned, this is the first time we’re seeing discounts offered on this device, which is also matching in price over at Amazon, after clipping the on-page coupon. All-in-all, you’re looking at a massive 65% markdown that cuts $130 off the tag price and sets the bar for future discounts down the road.
Bring color and music syncing to your outdoor areas with Linkind’s smart solar spotlights starting from $23
Through its official Amazon storefront, Linkind is offering its SL5C Smart Solar Spotlights two-pack for $22.98 shipped, with its larger four, eight, and 14-pack bundles also getting discounts on the same page. Carrying a regular price tag at $35 and usually falling to $24.50, it is now back down at one of the lowest prices we have tracked to date, landing just $2 above the low we last saw in April.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
With its official debut less than a week away, the Hyundai IONIQ 3 was spotted charging with what appears to be an NACS charging adapter. The new sighting is sparking speculation that Hyundai’s affordable new EV could arrive in the US after all.
The Hyundai IONIQ 3 is an affordable EV, with NACS?
Earlier this week, Hyundai confirmed its first compact EV under the IONIQ branding will make its global debut at the Munich Motor Show, starting on September 9.
Hyundai offered a sneak peek with a few teaser images. Although they were mainly sketches and close-ups, you can see that Concept THREE has a bold new design, featuring a massive rear ring and a sleek, fastback-like profile.
The concept will arrive as the IONIQ 3 in production form sometime in 2026, a smaller, more affordable sibling to the Hyundai IONIQ 5.
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Hyundai claims the Concept Three is “a new typology that reimagines the compact EV silhouette,” featuring a fresh take on the “Aero Hatch” design.
Leading up to its debut, we’ve seen a few camouflaged prototypes out testing, but the most recent one reveals a new surprise.
Hyundai teases new Concept THREE EV ahead of the 2025 Munich Motor Show (Source: Hyundai)
The IONIQ 3 was caught charging in Korea by ShortsCar (via The Korean Car Blog), with what appears to be an NACS port, hinting that Hyundai’s affordable new EV may launch in the US.
Hyundai said the new EV concept reaffirms its commitment to the European market, with no mention of North America or plans to launch in the US. However, with an NACS port, it would only make sense, right? Not exactly.
Kia, Hyundai’s sister company, is launching the EV5 in Europe and North America, but not in the US. The company announced the EV5 will be exclusively sold in Canada for the North American market. In Canada, it will feature an NACS port, so until we hear the official word, it’s still speculation at this point.
The new entry-level model will sit between the Inster EV and Kona Electric in Hyundai’s lineup. Prices will be revealed closer to launch, but it’s expected to start at around £25,000 ($33,700), or slightly less than the Kona.
Hyundai teases new EV concept ahead of the 2025 Munich Motor Show (Source: Hyundai)
Like nearly every Hyundai, Kia, and Genesis electric vehicle, it will be based on the E-GMP platform. It will likely be available with 58.2 kWh and 81.4 kWh battery packs, offering WLTP ranges of 260 miles and 365 miles, similar to the Kia EV3.
The interior, on the other hand, will bring several upgrades from Hyundai’s current models. It’s expected to debut with Hyundai’s powerful new Pleos infotainment system, which will offer a smartphone-like interface.
We will get our first look at the Concept THREE next week at IAA Mobility 2025. Check back on September 9 for all the details from Hyundai’s press conference.
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