Faraday Future is Back from the Dead

• Faraday is emerging from years of financial issues thanks to its acquisition with SPAC Property Solutions Acquisition Corp.

• The Faraday FF 91 was first revealed at the 2017 CES.

• Production of the luxury electric SUV is set to begin in the next 12 months.

Just yesterday, Faraday Future completed a deal with Property Solutions Acquisition Corp. which will provide the EV carmaker with a cool $1 billion to get back into the swing of things.

The Faraday FF 91 is an uber-premium electric SUV that will sport a $180,000 price tag once production begins in 12 months or so. The company is completing an assembly plant in California at the moment which will be capable of producing up to 30,000 vehicles per year. Faraday is working on partnerships in South Korea and China. These deals will enable them to assemble a planned 300,000 units by 2025.

In the short term, Faraday will assemble 2,400 vehicles next year, according to CNBC. This number will swell to 38,600 in 2023 before reaching its goal of 300,000 units.

“We have been able to convince the capital market that this is a different company now, a company which can deliver a serious business plan,” Faraday Future CEO Carsten Breitfeld said in an interview. “But now we have to deliver, and this is absolutely key.”