Faraday Future To Build 10,000 Cars Per Year In New Hanford Factory
Faraday Future announced yesterday its acquisition of a factory in Hanford, California. The company also revealed they plan to build 10,000 cars per year through the newly acquired plant. Does the low output hint on a high price tag of the upcoming electric vehicle?
The Tesla competitor leased a huge old factory in Hanford, in Central Valley. The facility measures 1 million square-feet. Pirelli used to produce tires in the said plant. Then various entities replaced the tire company.
This announcement confirms that the company will not really proceed its production in Nevada. A few weeks ago, FF also announced they are putting on hold the $1 billion investment that was supposed to be allocated for a new factory near Las Vegas.
The American start-up technology company assigned one-third of its 1,000 employees to begin cleaning up the newly acquired factory. The company's vice president of manufacturing, Dag Reckhorn, led the clean-up session yesterday.
Reckhorn is a veteran from Tesla. He is now expected to convert the Hanford facility to be the home of the upcoming FF 91.
The vice president told USA Today that the Hanford factory offers a majority of the company's requirements. It has gas, water, space, power and a rail line. He emphasized that these features are essential in the start-up facility.
Reckhorn also revealed they were able to get a good deal from the landlord. Faraday Future can already access the plant without shelling out any rent. The latter graciously allowed the company to begin paying rent by early 2018.
FF will now prioritize the improvements of the factory. They also need to guarantee the environmental safety measures of the facility prior to the start of operations.
10,000 Cars Per Year Hint Of A Higher Price Tag?
The vice president also mentioned they are targeting to build around 10,000 cars per year through the Hanford plant. This output is relatively low compared to Tesla's current output of 100,000 units of combined Model S and X.
The goal of a small production run seems to project the company's focus is not on quantity. This also suggests that the upcoming electric vehicle of FF might come out with a high price tag.
The publication noted that the cost of the prototype of Faraday Future's upcoming model with reclining rear seats is similar to Lucid Motor's upcoming model, which is about $160,000. The final FF 91 that promises 1,000 hp would most likely launch with a higher price.
Meanwhile, MarketWatch claims a source revealed that Faraday Future made its headquarters as a loan collateral. The company allegedly borrowed $14 million from a New York investment firm, Innovatus Capital Partners LLC. The latter turns out to be the replacement of Chinese billionaire Jia Yueting, who is currently facing financial issues.
Tesla Model 3 Delivery Started, 30 Telsa Employees First To Get Hands On
Tesla Model 3 deliveries started on July 28 and 30 employees from Telso got the car keys.
Elon Musk Reveals First Images Of Tesla Model 3 Production Unit On Twitter
Elon Musk showed off the very first Tesla Model 3 unit on Twitter and Instagram.
Tesla Model 3 Hits Production This Week, First Car To Be Delivered This Month
The Model 3 will be priced around $35,000. Elon Musk envisions it reaching a much wider range of customers and has said he expects it to push Tesla’s output to 500,000 cars a year in 2018.
BMW Is Set To Unveil Its Tesla Model 3 Competitor In September
Elon Musk has said that the entry-level Model 3 will cost $35,000. While a BMW Series-3 vehicle can be had for as little as $33,000. That said, if BMW’s entry-level can compete with the Model 3 on features and on specs.
Tesla Model S Leaves Showboating Porsche Cayman GT4 Spinning
A new viral video shows a Porsche Cayman GT4 spinning out of control as it was embarrassingly left behind by a Tesla Model S P90D.
MORE IN ITECHPOST
Tricks to Spy on iPhone without Installing Software
Nowadays, increasing trust issues are forcing people to turn into a spy. Everyone, including spouse, parents, and employers need a suitable spy app like Cocospy to spy on iPhone without installing the software.
A New Material for the Battery of the Future, Made in UCLouvain
Renewable sources of energy such as wind or photovoltaic are intermittent. The production peaks do not necessarily follow the demand peaks.
Top 5 Video Games to Play for a Truly Unique First Date
Video games have a way of taking us outside of ourselves and live in a fantasy world. It's even better when you're playing a game with someone special!