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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Tesla and Rivian have been embroiled in a lawsuit in which the former accused the latter of having stolen battery technology by poaching Tesla employees.
It sounds like the two automakers are finally about to settle the lawsuit, which has been going on for 4 years.
When Tesla filed the lawsuit, it wasn’t clear what trade secrets Tesla was claiming Rivian had stolen. However, we noted that the employees listed in the lawsuits were two recruiters, an EHS manager, and a manager of Tesla’s charging networks.
The automaker claimed that these employees brought “documents consisting of highly sensitive trade secret, confidential, and proprietary engineering information” when they went to work for Rivian.
Over a year later, we now learn that Tesla had notified the court that it expects to file to get the lawsuit dismissed after reaching a conditional agreement with Rivian. The company didn’t disclose the details of the settlement (via Bloomberg):
Tesla didn’t disclose specifics about the agreement in a court filing, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.
Neither Tesla nor Rivian have commented on the reported settlement.
While Tesla has claimed that it somewhat open-sourced its patents, we have previously noted that it’s not exactly the case. Tesla claims to let other companies use its patented technology as long as they themselves don’t sue them over patent rights.
And in this specific case, Tesla alleges that Rivian has specifically hired employees to steal technologies. Again, Rivian has denied the allegation.
Electrek’s Take
The terms are unknown, but in similar cases, it often involves things like some level of access to make sure that no proprietary technology is being used or has been used.
The lawsuit is not exactly clear, but based on the timeline and the allegations of “next-gen batteries”, Tesla could have been talking about its 4680 battery cells, although those are cells. It could also be the structural battery pack.
French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.
By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”
For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.
Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.
“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”
In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.
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Buzz Bicycles is back with an exclusive new deal
Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.
The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.
The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.
By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.
But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.
The Buzz Centris is an easy to ride foldable eBike for all
The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.
When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.
You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.
Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.
Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.
The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.
With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:
10-year limited warranty (lightweight aluminum frame protected for full 10 years)
2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
6-month limited warranty (additional bike components protected by a 6-month warranty)
Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200.“ That’s a $500 discount in total!
We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you.
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