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HANFORD, Calif. - Electric vehicle maker Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI), currently valued at $210 million and showing signs of being undervalued according to InvestingPro analysis, has started trial production of its FX Super One model at its California manufacturing facility, the company announced Thursday.
The trial production phase at the Hanford plant will focus on verifying production processes, operational workflows, and quality standards, while factory staff undergo specialized training. The company plans to follow this with comprehensive vehicle engineering that includes safety testing and validation. InvestingPro data reveals the company faces significant operational challenges with a current ratio of 0.41, indicating potential difficulties meeting short-term obligations.
Faraday Future unveiled the FX Super One, which it describes as an "EAI-MPV" (Electric Artificial Intelligence-Multi Purpose Vehicle), on July 17 in Los Angeles. The vehicle features the company’s AI communication ecosystem and is positioned to compete with luxury models like the Cadillac Escalade.
The company’s 1.1 million-square-foot Hanford facility has received approximately $300 million in investment to date. With additional funding and permitting, Faraday Future states the plant could produce more than 30,000 vehicles annually and support mixed-line manufacturing for multiple models.
Faraday Future recently secured $105 million in financing commitments, which it says will nearly cover the launch costs of the FX Super One.
Founded in 2014, Faraday Future aims to disrupt the automotive industry with technology-focused electric vehicles. The company’s flagship FF 91 model has faced numerous production delays since its initial unveiling in 2017.
This article is based on information from a company press release.
In other recent news, Faraday Future Intelligent Electric Inc. announced it has secured approximately $105 million in new financing, including $82 million from unsecured convertible notes and warrants, and $22 million from previous investors converting prior securities. Additionally, Nature’s Miracle Holding Inc. placed a non-binding pre-order for 1,000 FX Super One multi-purpose vehicles from Faraday Future, valued at up to $100 million, contingent on securing financing. However, Faraday Future disclosed receiving a Wells Notice from the U.S. Securities and Exchange Commission, indicating potential enforcement action related to alleged violations of anti-fraud provisions. This notice involves two current executives, including Global President Jerry Wang, and two former employees. Furthermore, Faraday Future has entered into an amended agreement with its investors concerning a Securities Purchase Agreement initially filed in March 2025. The amendment modifies conditions related to the registration of shares for resale and the timing of subsequent closings. These developments highlight significant financial maneuvers and regulatory challenges for Faraday Future.
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