Electric vehicle company Faraday Future pens agreement to build cars in Kings County

By The Leader Staff
Rendering of the Hanford Faraday Future facility.
Rendering of the Hanford Faraday Future facility.
Photo Courtesy of Faraday Future

Faraday Future, despite recent financial woes, including walking away from a $1 billion Nevada factory, where it planned to build an all-electric vehicle known as the FF 91, announced last week that it will instead open its first facility in Hanford, at the site of the old Pirelli Tire factory, breathing new life into the emerging electric-vehicle industry.

Local officials say the new facility could employ upwards off 1,300 workers. Employees and locals gathered on Saturday, August 5, to welcome the innovative company.

Faraday Future, established in 2014 and headquartered in Los Angeles, is an American company with designs of competing with the well-known Tesla. Faraday is named for one of the founding principles of electric motor technology known as Faraday’s Law of Induction and its founder, English scientist Michael Faraday who discovered electromagnetic induction.

According to news reports Faraday Future canceled its Nevada assembly complex due to financial constraints. The State of Nevada promised the electric car company generous incentives for the factory, expected to create 4,500 jobs eventually.

The company has delivered a concept vehicle, a single-seat sports car, the FF ZERO1, in 2016 but none have been produced. Faraday also introduced the FF 91, the vehicle planned for the new Hanford plant and had plans to begin deliveries by 2018.

Recently, Faraday Future has signed a lease on its new Hanford manufacturing facility and began the process of clean-up to prepare the new site for the move-in of equipment. The facility marks a step forward for the company as it attempts to deliver its first production vehicle, FF 91, to market by the end of 2018.  

The electric car company 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 part of the Hanford Industrial Park, 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. “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 370 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, 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.” 

Faraday Future’s Vice President of Global Manufacturing Dag Reckhorn 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,” he said. “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.  

After Saturday’s event, Faraday Future will continue the process of site preparations, including planning, refurbishment, and permitting. Following the move-out of current tenants in late November, the company expects a significant movement to ramp-up on site in early 2018.   

Faraday Future’s new manufacturing facility is one million square feet and will employ up to 1,300 workers, over three shifts, over time.    

 

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