California-based electric vehicle startup Faraday Future announced it has signed a lease on its new a 1-million-square-foot former Pirelli factory in Hanford, California, around 200 miles north of Los Angeles.
Faraday Future had recently announced that it was shifting its manufacturing focus to a turn-key facility that offers a faster path to production. The new production facility, located in Hanford, CA, is strategically located between the country’s two largest EV markets, Los Angeles and Silicon Valley.
“We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” said Stefan Krause, COO/CFO, Faraday Future. “Investors invest in people, and our employees continue to be Faraday Future’s strongest asset. As we begin this next phase in our company’s history, our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users, who have shown exceptional patience and resilience through the company’s difficult times.”
On August 5, more than 300 Faraday Future employees and supporters voluntarily drove from Los Angeles to Hanford to begin the process of site clean-up, and embrace the company’s new manufacturing home. State of California, and City of Hanford and Kings County officials were also on-site to welcome Faraday Future to its new production facility.
“The future of zero emission production is in California,” added Panorea Avdis, Director of the Governor’s Office of Business and Economic Development. “Faraday Future’s announcement today is another step towards realizing Governor Brown’s goal of adding one and a half million zero emission vehicles on the road by the year 2025. When Faraday Future achieves its goals, the State of California achieves ours, and our office will continue to assist the company’s needs to grow and expand, as we have from day one.”
Dag Reckhorn, Faraday Future’s VP of Global Manufacturing is spearheading all strategy and execution behind the new Hanford site.
“Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018,” said Reckhorn. “Despite significant head winds on the path ahead of us, we are laser-focused on that one key milestone.”
Under Faraday Future’s new leadership team, helmed by Krause (former CFO and board member of Deutsche Bank and BMW Global CFO) and Ulrich Kranz (former Sr. Vice President at BMW, responsible for the successful launch of i8, i3, Z3, and X5) in their roles as COO/CFO and CTO, respectively, the company is driving strategic changes to get Faraday Future investible.
This new production facility establishes the best path forward for the company’s manufacturing plans, and focuses on building out the company’s network of investors to diversify FF’s funding strategy.
Faraday Future’s new manufacturing facility is 1M sq. ft., and will employ up to 1,300 workers, over 3 shifts, over time.