Photo contributed by Faraday Future

Faraday Future (FF) Intelligent Electric Inc. has announced a series of definitive agreements for financing that should allow it to begin turning out vehicles from its Hanford manufacturing plant in March.

The Gardena-based company has made similar announcements before but has been beset by funding problems and delays. Production of its FF 91 Futurist was expected to begin at the end of 2022.

FF has reached definitive agreements for financing commitments of $135 million in convertible secured notes, $80 million of which will be funded within 10 business days, including $10 million previously funded by Senyun International Ltd. as an advanced payment subject to the satisfaction or waiver of certain conditions.

The remaining amount will be funded within five business days after the satisfaction or waiver of certain conditions, including company stockholder approval.

A special stockholders meeting later this month will consider a proposal to increase the authorized shares of Faraday Future Class A common stock. Approval of this proposal by stockholders will clear the path for additional future financing to best support FF 91 Futurist deliveries and other strategic goals, according to Faraday news release.

“Securing $135.0 million in funding commitments is critical and imperative for Faraday Future’s sprint to FF 91 Futurist’s SOP. The availability of these additional funding commitments provides confidence that FF can reach the SOP milestone in March 2023. We will deliver the FF 91 Futurist with high quality and high product power as soon as possible after receipt of the funds contemplated by these financings,” said Xuefeng (XF) Chen, Global CEO of FF